Elevated government bond yields are taking the shine off stocks around the world.

The 30-year U.S. Treasury yield earlier rose as high as 5.444%, its highest level since 2004, before paring some gains. The benchmark 10-year yield is still hovering around its highest level in 19 years. Borrowing costs also surged in Asia and continue to rise in Europe.

Together, those moves are dinging stocks globally, as traders begin to more seriously worry about how higher yields could weigh on stock valuations and damp the appeal of holding equities. Growth stocks are being hit the hardest, sending Nasdaq-100 futures down about 1%.

Oil prices are rising, with the most actively traded Brent contract, for December delivery, trading right around $100 a barrel.

A focus for traders today will be a summit between President Trump and Chinese leader Xi Jinping. Last night, Treasury Secretary Scott Bessent said the U.S. and China will extend a bilateral trade truce until mid-January, avoiding higher levies that were set to be imposed in November if no agreement was reached.