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(Bloomberg) — U.S. futures were mixed, with underperformance in the Nasdaq 100 signaling the rotation away from pandemic favorites is gaining ground. Treasury yields halted a slide that had taken them to a five-week low.

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Contracts on the tech-heavy Nasdaq were paced by a decline of almost 8% in Netflix Inc. in premarket trading that followed disappointing first-quarter results, with the rise in yields also unsettling the inflation-sensitive cohort. S&P 500 contracts were steady, with the U.S. benchmark this week staging an abrupt reversal from recent peaks.

Mixed messages are creating a conundrum for investors, with corporate results reflecting optimism that growth is set to roar back from pandemic-induced recessions even as the virus tears through the developing world. Stocks near record highs are now under pressure from the threat of new lockdowns that could delay global economic rebounds.

Read: Stumble in Stocks Lacks Easy Explanation for Wall Street Pundits

© Bloomberg EPS estimates for global corporations extend a record high

“Markets remain very much caught between the rock of improving macroeconomic conditions and the treacherous waters of geopolitical risks and alarming Covid-19 case growth in some corners of the world,” according to ING Groep NV strategists including Padhraic Garvey in a note to clients.

In Europe, tech firms fueled a gain in the Stoxx Europe 600 Index after an upbeat 2021 sales forecast from Dutch chip-equipment maker ASML Holding NV.

The dollar rose for a second day, the longest streak since March. Treasuries paused a rally that sent the 10-year yield to its lowest level in more than five weeks and within reach of 1.5%.

Here are some key events to watch this week:

EIA crude oil inventory report on Wednesday.European Central Bank rate decision and President Christine Lagarde briefing on Thursday.U.S. releases new home sales data Friday.

These are some of the main moves in markets:


Futures on the S&P 500 Index decreased 0.1% as of 10:48 a.m. London time.The Stoxx Europe 600 Index increased 0.3%.The MSCI Asia Pacific Index sank 1.5%.The MSCI Emerging Market Index sank 1.1%.


The Bloomberg Dollar Spot Index rose 0.1%.The euro decreased 0.3% to $1.2005.The British pound declined 0.1% to $1.3928.The onshore yuan was little changed at 6.498 per dollar.The Japanese yen weakened 0.1% to 108.17 per dollar.


The yield on 10-year Treasuries rose two basis points to 1.57%.The yield on two-year Treasuries climbed less than one basis point to 0.15%.Germany’s 10-year yield gained one basis point to -0.25%.Japan’s 10-year yield fell one basis point to 0.08%.Britain’s 10-year yield jumped two basis points to 0.748%.


West Texas Intermediate crude decreased 1.4% to $61.81 a barrel.Brent crude decreased 1.3% to $65.72 a barrel.Gold was little changed at $1,778.96 an ounce.

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