US Stocks Waver as Treasury Rally Starts to Fade: Markets Wrap
(Bloomberg) — A rebound in long-dated Treasuries ran out of steam and US stock futures struggled for direction as rising oil prices brought inflation risks back to the fore.
S&P 500 futures were little changed. Treasuries resumed declines, with the 30-year yield up three basis points to 5.22% as the impact of Treasury Secretary Scott Bessent’s push to rein in borrowing costs faded. Brent headed toward $94 a barrel. The dollar extended declines, while gold slipped. Bitcoin traded above $70,000 for the first time since June.
In Europe, the Stoxx 600 nudged lower to extend its longest losing streak of 2026. Government bonds were mixed. The euro, pound and Swiss franc gained ground against the dollar.
Traders are taking stock after Bessent announced a surprise increase in long-term bond buybacks to stem a rise in yields that had taken them to a near two-decade high. Elevated yields have kept equity prices in check, with the S&P 500 still down since Monday after hitting a record high last week.
“If there’s a structural reason why bond yields are drifting higher, a bit of short-term intervention buys you a little bit of time but doesn’t necessarily change the longer-term trajectory,” said Graham Secker, equity strategy head at Pictet Wealth Management.
With little on the calendar for the rest of the week and holiday-thinned volumes, traders are looking to Nvidia Corp.’s earnings next week for a fresh read on the state of the artificial-intelligence buildout. Chipmakers have been under pressure in recent days, paring this month’s rebound after a volatile July.
“People are waiting for either new information or the market signaling something,” Secker said. “When you see the Korean market going up 5% and then down 5% the next day, particularly for the hedge fund community that level of volatility is not encouraging confidence.”
What Bloomberg’s Strategists Say…
“After a month of breaking precedents for proactive intervention by the Treasury, it’s ironic that perhaps the most sustained long-term markets impact will be what Scott Bessent explicitly avoided doing in July: dollar selling.”
– Mark Cudmore, Markets Live Executive Editor. For more, read here.
Some of the main moves in markets:
Stocks
The Stoxx Europe 600 was little changed as of 10:26 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures were little changed Futures on the Dow Jones Industrial Average fell 0.2% The MSCI Asia Pacific Index rose 1.8% The MSCI Emerging Markets Index rose 2% Currencies
The Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.3% to $1.1707 The Japanese yen was little changed at 158.27 per dollar The offshore yuan rose 0.2% to 6.7208 per dollar The British pound rose 0.3% to $1.3644 Cryptocurrencies
Bitcoin rose 4.2% to $71,910.9 Ether rose 3.3% to $2,290.64 Bonds
The yield on 10-year Treasuries advanced two basis points to 4.67% Germany’s 10-year yield was little changed at 3.26% Britain’s 10-year yield advanced one basis point to 5.06% Commodities
Brent crude rose 2.5% to $93.87 a barrel Spot gold fell 0.6% to $4,489.34 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Neil Campling.
©2026 Bloomberg L.P.
