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Stock Market Today: Treasury yields extend spike with stocks at 4-month lows

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With Treasury yields rising, and market volatility gauges surging, stocks are set for another rough ride Wednesday with ADP jobs data in focus.

U.S. equity futures extended declines Wednesday, with the Dow slipping further into negative territory for the year, as a surge in Treasury bond yields continues to hammer global markets amid renewed inflation concerns.

A tight labor market, alongside a resilient domestic economy, has rekindled inflation concerns and lifted Treasury bond yields to the highest levels in more than sixteen years. Benchmark 10-year notes held at 4.812% in overnight trading, with 2-year paper pegged at 5.144%, while 30-year bonds crept towards the 5% mark, at 4.934%, a level that could trigger historic losses for fixed income portfolios and further selling on Wall Street.

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