The effects of Scott Bessent's intervention in bond markets are proving short-lived: Yields are on the rise again.

The Treasury secretary's move to ratchet up bond repurchases had temporarily cooled yields, which have been pushed higher by swelling fiscal deficits and rampant borrowing by tech companies. But with no sign the U.S. will rein in its $40 trillion debt, a sustained drop in borrowing costs looks unlikely. Analysts at ING likened the move to "rearranging deckchairs on the Titanic."

U.S. stocks are in the red after weak earnings reports from Walmart and Alibaba. Crypto stocks are bucking the trend, boosted by Bessent's move and President's Trump backing of industry-friendly legislation.

Oil prices continue to advance. Brent crude futures trade at around $94 a barrel after Trump vowed to inflict maximum economic pain on Iran, without specifying how.