Global bond yields continue their historic rise, with the 30-year U.S. Treasury yield reaching 5.33%, a two-decade high, while German 10-year Bunds and Japanese 10-year bonds hit 15-year and three-decade highs respectively. S&P 500 and Nasdaq futures are under pressure due to tech stocks’ sensitivity to rising sovereign rates, compounded by inflation concerns linked to the U.S.-Iran conflict and government deficits. Home Depot reported solid results despite a ‘frozen’ housing market, with comparable store sales up 1.7%, the best performance since the third quarter of 2022. Other notable moves include UBS raising Snowflake’s price target to $425 and Barclays lifting CrowdStrike’s target to $235, while Norwegian Cruise Line was downgraded by Mizuho and Lululemon received a cautious recommendation ahead of earnings.
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