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Monday morning saw a reversal in fortune for U.S. stock futures, as they surrendered their early gains.

Here’s a summary of what unfolded:

Recapping Friday’s performance, the Dow Jones Industrial Average (DJIA) saw a 107-point loss, marking a 0.31% drop to 33,964. The S&P 500 (SPX) also declined by 10 points, or 0.23%, reaching 4,320, while the Nasdaq Composite (COMP) registered a 12-point fall, or 0.09%, to 13,212.

Last week painted a grim picture for the S&P 500, as it recorded a 2.9% decrease, marking its worst week since the period ending March 10 and hitting its lowest level since June 9.

The market lacked significant catalysts on Monday, although the tentative conclusion of a writers’ strike provided a boost to media companies like Paramount Global (PARA, -4.96%) and Netflix (NFLX, -1.13%) in premarket trading. Meanwhile, President Joe Biden announced plans to show support for the United Auto Workers strike against the Big Three automakers during his visit to Michigan.

However, the main narrative in recent times has been the rapid ascent of long-term interest rates. Technical strategists at Bank of America noted that while they lack conclusive evidence that the 10-year yield’s upward movement is complete, it is beginning to appear stretched.

The yield on the 10-year Treasury (BX:TMUBMUSD10Y) increased by 5 basis points to 4.49%.

China’s housing crisis returned to the forefront, with Evergrande (3333, -21.82%) shares tumbling as the company abandoned a $35 billion debt restructuring plan. Additionally, shares of China Aoyuan Group plummeted on Monday, marking their first day of trading in over a year. In Hong Kong trade, the Hang Seng (HK:HSI) skidded 1.8%.

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