U.S. Stock Futures Are Lower With Higher Global Energy Prices

U.S. stock futures are lower.  Higher global energy prices are pressuring equity futures with both WTI and Brent crude up 2% and 3%, respectively, in early morning trading.  This is following yesterday’s strong performance by the three major indexes.  The 10y treasury yield briefly traded above 2.40%  and the curve mainly is flat but not inverted.  Other Federal Reserve’s officials are supporting the Chairman’s Monday remarks on hiking rates aggressively to combat evaluated inflation. The President is in Europe and is expected to announce new sanctions against Russia.  Asian stocks closed higher following Beijing’s announcement regarding tax cuts this month to bolster economic growth.  European markets are trading down in their midday session.  The 10y German bund was yielding 0.498% post increasing slightly above 0.5%, the last time it traded around this level was in the fall of 2018.  Credit spreads for both high yield and investment grade credit are holding steady.