it’s another jobs friday and the markets are having a wobble stock futures suggest the sp 500 spx is in danger of extending the previous session’s 08 drop it’s biggest loss in six weeks as investors are rattled by the sight of benchmark bond yields breaking to fresh cycle highs following robust economic data and fresh hawkish fed chatter just how much this runup in implied borrowing costs and selloff in equities has already factored in a hot june nonfarm payroll report shall be determined as the day unfolds but it is fair to say that after a period when equities seemed sanguine about yields trundling higher the bond market appears to have rediscovered its bite “this sudden positive correlation between equities and treasuries has been somewhat rare as the entire treasury selloff since may has coincided with equity rallies not selloffs” says mark newton head of technical strategy at fundstrat thankfully for bond and stock investors newton reckons a pullback in yields is imminent “the rapid rally in treasury yields on a recent spike in hawkishness doesn’t look to extend much more and looks close to reversing back to the downside” he says noting it was significant that in thursday’s action that yields finished well off the day’s highs for example after the us 2year yield touched a 16year peak around 51 it’s now below 5 again the 10year yield still sits just a few basis points below its highs of march newton cites some technical factors to support his thesis that yields likely are closer to breaking down instead of breaking out “countertrend demark based exhaustion is now present on tlt ishares 20 plus year treasury bond etf cycles point lower for treasury yields in the months ahead elliottwave structure suggests that this recent runup in yields is close to reversing” he writes in his latest note the demark is an indicator that is meant to predict shortterm price action based on changes in intraday highs and lows the elliotwave tool observes recurring patterns in addition newton implies the market’s sudden degree of hawkishness as voiced in expected probabilities of more fed rate hikes is somewhat extreme and thus more likely to ease than increase indeed the chart below from socgen illustrates how badly positioned some traders may be if the bond market had a cause to turn more dovish so should bond yields pull back from here then what does this mean for stocks newton says that insufficient technical damage has occurred to make much of the markets latest weakness and that big tech stocks are still acting as saviors “it remains difficult to have any conviction that this market might be turning down looking at thursday’s session the minor weakness held almost exactly where it needed to before stabilizing and attempting to push higher into the close” newton says the sp 500 will likely “bottom fridaymonday and turn back up to 4500” us stock index futures es00  ym00  nq00  are a bit lower as benchmark treasury yields tmubmusd02y tmubmusd10y tmubmusd30y move higher the dollar index dxy is a touch softer while oil cl1 gains and gold gc00 is up try your hand at the barron’s crossword puzzle and sudoku games now running daily along with a weekly digital jigsaw based on the week’s cover story to see all puzzles click here here’s what economists forecast for the june nonfarm payrolls report due for release at 830 am eastern a net 240000 jobs are expected to have been created down from 339000 in may the unemployment rate is seen dipping from 37 to 36 and the hourly wages growth to remain at 03 whether it’s in a cage or a court it seems elon musk is determined to have a fight with meta’s meta boss mark zuckerberg the founder of tesla and owner of twitter is threatening to sue zuck’s meta alleging it stole twitter’s secrets in order to setup the rival threads messaging platform us treasury secretary janet yellen is in china as washington and beijing look to manage the economic fallout from their intense geopolitical competition samsung electronics 005930 tsm has predicted a 96 fall in its second quarter operating profit it’s weakest performance in 14 years that suggests weak global demand for tech products and semiconductors investors may soon be able to buy some birken stock sorry as banks are reported to be working on an ipo valuing the footwear group at 6 billion levi strauss  co shares levi are falling nearly 7 in premarket action after the jeans maker lowered its outlook for the year stressing that the bulk of its inventory problems were behind it but cited lowerthanexpected revenue and margin as well as fx for the cut shares in alibaba baba are up more than 2 after a report that a longrunning investigation into ant group will end with a penalty of at least 8 billion yuan 11 billion best of the web what 120 degrees looks like in one of mexico’s hottest cities apple’s headset headache the tiny and costly displays inside the vision pro read the ingredients before buying this 25 billion etf is this the fed’s ratehike campaign having effect “a rush of new us corporate bankruptcies in june added to an already heightened pace of filings this year reflecting the difficult economic conditions and higher interest rates companies are facing” says analysts at sp global market intelligence “total filings for the first half of the year eclipsed those of any other comparable period since 2010 including the rush of filings during the first half of 2020” here were the most active stockmarket tickers on marketwatch as of 6 am eastern don’t believe in regrowing dental “you can’t handle the tooth” my thumbs up is my bond the biggest surprise in this story is that they got the name of the bridge correct need to know starts early and is updated until the opening bell but sign up here to get it delivered once to your email box the emailed version will be sent out at about 730 am eastern listen to the best new ideas in money podcast with marketwatch reporter charles passy and economist stephanie kelton