Disappointing open for US stocks as futures gains largely evaporate

There’s a finely-balanced interplay in markets right now: rising yields sap stocks and the bond market is volatile. Today yields have risen on the back of oil, which jumped after the Keystone pipeline was shutdown due to a spill.

In turn, a 0.5% rise in US equity futures was initially halved but we’re not at that level with the S&P 500 up 21 points.

However if stocks continue to fall the dollar catches a bid and the rally in commodities reverses. That creates a push-and-pull that gravitates towards stability.

One thing that could tip the apple cart is a continuation of tax-loss selling, which appears to be weighing particularly hard on tech stocks.