US stocks lost $510 billion in market value, while the Nasdaq 100 fell 200 points as yields and oil prices rose. Brent crude topped $101 a barrel amid renewed geopolitical pressure, adding to inflation concerns as high public debt burdens fueled the global bond selloff.
The Treasury auction will test demand with bearish positioning already elevated. Open interest in 10-year Treasury futures rose in 14 of the past 18 sessions as yields climbed, leaving positioning at “extreme short” levels, Bloomberg reported. Short positions among commodity trading advisers remained near maximum levels and exceeded those during the 2022 bond bear market.