TLDR
- US stock futures rose Friday morning as bond yields pulled back from recent highs.
- The 10-year Treasury yield hit 5.16%, its highest level since the financial crisis, before easing slightly.
- Oil prices fell, with WTI crude dropping to around $92 a barrel.
- Energy stocks including Chevron, Exxon Mobil, Devon Energy and Occidental Petroleum slipped in premarket trading.
- Xi Jinping wrapped up his White House visit with no major new trade agreements announced.
US stock futures moved higher on Friday morning. Investors were weighing a mix of economic and global news that has pushed bond yields and oil prices around in recent days.
Futures on the Dow Jones Industrial Average and the S&P 500 both rose by about 0.3%. Nasdaq 100 futures climbed higher, up around 0.5% to 0.6%.
The moves came after a rough stretch for stocks tied to bond market swings. The 10-year Treasury yield touched 5.16% on Thursday. That was its highest level since the global financial crisis.
Bond Yields Pull Back From Multi-Year Highs
By Friday, yields had eased a bit. The 10-year note slid to around 5.17%, down slightly from the prior day’s peak.
Unbelievable.
3 hours later and the 10Y Note Yield is now above 5.20% for the first time in 19 years.
The 10Y Note Yield is now up +50 basis points in 30 days and +30 basis points in 2 days.
Even more remarkable is that the average American has no idea this is happening. Yet.… pic.twitter.com/p5BOJfVIEy
— The Kobeissi Letter (@KobeissiLetter) September 24, 2026
BlackRock’s Rick Rieder spoke with Yahoo Finance about the bond sell-off. He called it “not a crisis but an eye-opener.”
Richard Reyle, chief investment officer at Questar Capital Partners, said the bond market is sending a clear signal. He believes it suggests the Federal Reserve is not done raising interest rates this year.
“So far, stocks have been able to withstand the rising bond yields, but any further increase from current levels is a negative for stocks, plain and simple,” Reyle said.
Rising yields make borrowing more expensive for companies and consumers. That can weigh on stock prices over time.
Oil Prices Drop as Middle East Tensions Show Signs of Easing
Oil prices fell on Friday. West Texas Intermediate crude dropped to around $92 per barrel. Brent crude, the global benchmark, traded near $98 per barrel.
The drop came after a Reuters report said the United States and Iran were in talks to reopen the Strait of Hormuz. That waterway is a key route for global oil shipments.
Investors took the news as a hopeful sign for a resolution to conflict in the Middle East. Lower oil prices helped bond yields ease as well.
Despite the pullback, gas prices in the US remained near $4.50 a gallon on average. That kept pressure on household budgets.
Falling crude prices dragged down energy stocks ahead of the opening bell. Chevron, Exxon Mobil, Devon Energy and Occidental Petroleum all slipped in premarket trading.
A report on consumer sentiment from the University of Michigan is due Friday. It should offer a read on whether Americans’ inflation expectations are shifting.
Xi Jinping Wraps Up White House Visit
Chinese President Xi Jinping concluded his visit to the White House on Friday. The trip included a formal dinner on Thursday night with a red carpet and top US executives in attendance.
Despite the spectacle, the visit produced few concrete policy outcomes. The US and China appeared to agree to keep their trade relationship unchanged for the next several months.
No new tariff deals or trade agreements were announced following the meetings.
Markets will continue watching bond yields and oil prices in the days ahead. Both have been the main drivers of stock market swings this week.
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