US futures are indicating a lower open as of 04:05 ET. European equity markets have opened higher, following a quiet session in Asia. Renewed bond market weakness follows run of strong US macro data and Fedspeak that has been uniformly hawkish with officials continuing to push higher-for-longer narrative. Developments have continued to flatten market-implied rate-cut path. Futures now pricing in around 110 bps of rate cuts in 2024, and have largely priced out March rate cut, while economists now see first rate cut occurring in May or June.

Companies Mentioned: Diamondback Energy, Disney, Reliance Industries