Stocks appear to be keying off the dip in Treasury yields. S&P 500 futures are now flat after a 30 point round trip in negative territory.
The bounce comes after US 30-year yields backed off the 2023 high of 5.17% and are down to 5.11%.
One good sign I would note in the pre-market movers is Urban Outfitters, which is up +17% after strong earnings and revenue beat. The clothing company highlighted a strong consumer in something of a pushback to the weakness at Target yesterday.
“Despite the noise in the headlines and the broader economic uncertainty, our customers continued to show resilience in Q1. We haven’t seen any signs of a demand slowdown,” said Richard Hayne, CEO. “May to date, we see the comp sales being very similar to the Q1 print.”
The company left its guidance unchanged and anticipates 10% global tariffs with 30% from China
