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Stock market today: Dow futures and oil prices rise

Treasury yields are heading toward their highest closing level since 2007.

Traders have pushed yields higher in the run-up to the Federal Reserve’s interest rate decision on Wednesday. A spike in inflation has investors worried that the central bank will keep rates stable but leave the door open for further hikes. Early Monday, the rise pushed 10-year yields above August’s 16-year high.

One of the reasons for the acceleration of inflation: Rising oil prices, driven by Saudi production cuts that have created a supply shortfall. Brent crude oil prices are on track to hit their highest close in almost a year.

In a banner week for central banks, decisions are also on the line from the Bank of England, the Bank of Japan, Sweden’s Riksbank, Turkey’s central bank and several others.

Futures point to weak early gains for US stocks after friday technology-led liquidation.

Treasury yields rose. The 10-year bond was trading with a yield of 4.344%. If yields end the day above 4.339%, they will mark their highest level since 2007.

The most active Brent contracts rose 0.5% to $94.40 a barrel.

European stocks fellled by construction and technology stocks, trying to catch up with Wall Street’s Friday plunge.

Asian markets were mixed, with gains in mainland China and losses in Hong Kong. Japanese markets were closed.

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