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Current Futures: Dow +25.00, S&P +2.80, NASDAQ +4.50

U.S. markets closed barely under the break-even line as rising yields have made investors question if a global recovery can be achieved so soon. Asian markets also trade mixed, even though some positive news appeared in the last few minutes of trading.

The U.S. futures market saw very strong gains during the overnight session, but just a few hours before the opening bell, the futures market started again to head lower at a sustained pace. The S&P futures gained as much as 17 points, but then declined as much as 10 points during the U.S. trading hours. For now, the U.S. equity markets look unable to break from the range seen over the last week of trading, even though it had a few attempts, which all failed. TheLFB-Forex.com Trade Team said. 

The decline in the U.S. futures came as yields on the 10-year notes rose to an eight month high, threatening the global recovery theme. Bond yields rose in the last few weeks because of the high supply of Treasury notes circulating in the financial market. However, near closing bell, the major indexes in the U.S. recovered some of the declines seen earlier as the latest Fed Beige book said that the global recession is moderating. 

Asian markets are currently trading flat, even though a release showed that the economic contraction in Japan was smaller than expected. The Japanese economy contracted 3.8% in the fist quarter, less than the 4% released in the preliminary reports. The release helped the Nikkei index break briefly above the 10.000 benchmark level, the highest point reached by the Japanese index in the last eight months of trading, TheLFB-Forex.com Trade Team said.  

Overnight, the Japanese Nikkei lost 17.37 points (0.17%) to 9,974.12. The Australian S&P/Asx gained 5.20 points (0.13%) to 4,029.60. The S&P 500 lost 3.28 points (0.35%) to 939.15, while the Dow Jones declined 24.04 points (0.27%) to 8,739.02

Crude oil for July delivery was recently trading at $71.80 per barrel, higher by $0.50.

Gold for July delivery was recently trading higher by $0.10 to $954.00.

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