Futures under pressure as Treasury yields climb; earnings on tap

In a gloomy start to the week, two-year Treasury yields jumped to a one-month high at 4.4% after Federal Reserve chair Jerome Powell said in an interview aired on Sunday that he wanted to wait to be a little more confident that inflation was sustainably falling before moving interest rates lower. While investors are relieved by latest data that showed the labor market has been holding up against the tightest credit conditions seen in years, uncertainty on when borrowing costs might be lowered have hurt risky assets sporadically. Investors also took a breather from a recent bull-market run on Wall Street that saw the benchmark S&P 500 index and the blue-chips Dow end at record high levels on Friday, boosted by solid results from Meta Platforms and Amazon.com.