U.S. Stock Futures Are Lower After Yesterday's Sell Off

U.S. stock futures are lower:  Equity futures are slightly lower this morning after yesterday’s sell off - S&P had its worst day since October 2020.  Investors are concerned about the jump in energy prices and its impact on global growth, eventually inflation and ultimately the Fed’s rate outlook. These uncertainties are expected to continue.   Commodity prices are notably higher as Russian is a large resource provider for energy and grains. Crude oil is trending higher on reports that the U.S is ready to ban Russian oil imports.  According to AAA, the national average for a gallon of regular gas increased to $4.73, the prior record was $4.114 from 7/2008.   The 10y treasury yield is higher at 1.85% versus closing level of 1.77% driven by inflation worries.  Russia and Ukraine agreed to a temporary cease fire to allow civilians to leave larger cities before the major incursions.  European markets are trading mixed and Asian markets closed lower.  Credit spreads on both high yield and investment grade continue to widen.