Five Things You Need to Know to Start Your Day

Surging yields wreak havoc in markets. The U.S. calls on China to deliver trade promises. Australia and New Zealand show the world what a post-virus recovery looks like. Here are some of the things people in markets are talking about today.

Asian stocks looked set for losses Friday after a selloff in global bonds deepened, wreaking havoc across markets. The dollar jumped. Futures pointed over 1% lower in Australia, Japan and Hong Kong. A poorly received Treasury auction saw the 10-year benchmark surge as much as 23 basis points to 1.6%. The selloff accelerated as holders of mortgage securities were forced to offload government bonds. Australian bonds slumped in early Asian trading. Tech shares led losses in U.S. stocks, which saw the S&P close down 2.5%. The Nasdaq 100 tumbled 3.6%, the most since October, as investors rotated away from pandemic-era winners toward companies poised to benefit from an end to lockdowns. Still, stocks popular with the day-trader crowd surged once again, with GameStop doubling at one point before ending 19% higher.