US stock futures flatline near record-highs, as investors warily watch Treasury yields march higher

US stock futures flatline near record-highs, as investors warily watch Treasury yields march higher

A jump in US bond yields raised questions about the bull market in stocks on Wednesday, with the 10-year Treasury yield holding at around a one-year high and equity futures flatlining.

Meanwhile, the US benchmark WTI oil price stayed above $60, as freezing weather continued to batter Texas.

S&P 500 futures were down 0.03% after the benchmark index slipped 0.06% on Tuesday. Nasdaq futures were 0.13% lower and Dow Jones futures were flat.

Asian stocks were mixed overnight, with Hong Kong's Hang Seng rising 1.1% but Japan's Nikkei 225 slipping 0.58%. The Europe-wide Stoxx 600 fell 0.42% in early trading while Britain's FTSE 100 slipped 0.35%.

The bitcoin price rocketed to an all-time high of more than $51,700, taking year-to-date gains to more than 75%.

Record amounts of fiscal and monetary stimulus, combined with expectations that coronavirus vaccines will aid a rapid economic recovery, have pushed up bond yields to their highest in a year.

The US 10-year Treasury note yield rose to a one-year high of 1.33% on Tuesday evening, before slipping back. It was down 1.5 basis points to 1.284% on Wednesday morning just before 6am ET.

Yields, which move inversely to prices, have risen because investors expect stronger growth and inflation and therefore demand