Stocks Stumble As 10Y Hits 2.996%; Dollar Squeeze Accelerates

Global stocks stumbled on Monday ahead of an avalanche of earnings in this season's busiest reporting week but the big story overnight was the spike in 10Y Yield which climbed as high as 2.9957%,the highest level since January 2014, and nearing the psychological 3% level which has triggered market spasms and more than one tantrum in the past.

The move was catalyzed by Treasury Secretary Steven Mnuchin saying on the weekend that he’s considering a trip to China, an indication the US is considering a truce in its trade war with China.