U.S. Stock Futures Are Lower As Euro Zone Inflation Was Higher Than Estimated

U.S. stock futures are lower:  Equity futures and Treasury prices are lower as euro zone inflation (May)  was higher than estimated at 8.1% versus 7.8% consensus – this reading includes food and energy costs.  Treasuries yields are up- the 30Y eking above 3% and the 10Y moving up at 2.80%- with the concerns of inflationary pressures still lingering.   Employment data will be released on Friday and will obtain better insight into the unemployment rate and the Conference Board will announce consumer confidence index for May at 10 am ET.  European Union leaders reached an agreement on Monday to ban roughly 90% of Russian crude by the end of this year.  As a result, global energy prices are higher with both Brent crude and WTI trading up in early morning trading.  Euro markets are lower driven by the higher inflation readings and Asian market are higher.  Shanghai’s two-month lockdown will be lifted on Wednesday according to Chinese officials.