US futures are clawing back some of Thursday's slide as Treasury yields ease off multi-year highs — but the single biggest force this week has been the bond market, not earnings. Reuters reports Dow futures up about 0.4%, S&P 500 futures +0.3% and Nasdaq-100 futures +0.6% into the open, with the Nasdaq trying to snap a five-day losing streak.

Futures & the overnight driver

Per CNBC and Bloomberg, futures bounced after the 10-year Treasury yield pulled back from a roughly 20-month high near 4.75% earlier in the week to about 4.70%. Even so, the S&P 500 is down ~1.9% and the Nasdaq ~2.5% for the week — on track to snap a three-week win streak as surging global bond yields and rising oil weigh on risk appetite.

Pre-market movers

• Ross Stores jumped ~9% after beating on Q2 and raising its annual profit forecast (CNBC).
• BJ's Wholesale beat — EPS $1.36 vs $1.17 expected on $6.09B revenue (CNBC/FactSet).
• Crypto names rallied: Coinbase +4.5% as bitcoin surged ~8.9% to ~$78,000, its best week in nearly three years (CNBC).
• Megacaps steadied — Meta and Tesla led with ~1% gains each after Thursday's sell-off (Reuters).

Macro today

A relatively light data day, but two things to watch: S&P Global flash US PMIs (manufacturing & services) — the July manufacturing print was 53.8, so anything holding above 50 keeps the "expansion, but cooling" story intact — and the Baker Hughes rig count at 1:00 PM ET. FOMC minutes landed earlier in the week; the Jackson Hole symposium is getting underway, with the market-moving keynote due later.

Rates, dollar & commodities

Investing.com quotes the US 10Y near 4.70%, the dollar index (DXY) at ~98.83 (+0.1%), gold ~$4,574 (+0.6%), and oil sharply higher — WTI ~$86.65 (+2.7%) and Brent ~$93.54 (+2.1%) as Washington readies fresh sanctions on Iran, adding to inflation worries.

Overnight global context

Asian equities rebounded as bond yields cooled — Japan's 10-year JGB yield eased to ~2.84% after touching a 30-year high, per CNBC. European stocks opened around flat, with the Stoxx 600 hugging the flatline and the FTSE 100 slightly lower.

What to watch at the open

Watch whether the yield pullback holds — a 10Y back toward 4.75% would likely cap the bounce, while a further drop could let megacap tech lead a relief rally. The flash PMIs are the day's clearest read on growth momentum, and oil's Iran-driven spike is worth tracking as an inflation and energy-sector swing factor.

As of 9:10 AM ET, Fri Aug 21, 2026. Sources: Bloomberg, CNBC, Yahoo Finance, Investing.com. Automated US market brief for discussion and education only — not investment advice. Verify before acting.