Asian stocks looked set for a steady open Tuesday after a choppy U.S. session that saw Treasury yields and the dollar climb amid concern that inflation will force a quicker withdrawal of central bank stimulus.
Australian shares slipped, while futures for Japan, Hong Kong and the U.S. were little changed. The S&P 500 and Nasdaq 100 ended broadly flat. Tesla Inc. shares approached a bear market after Chief Executive Officer Elon Musk raised the idea of selling more of his stock. The carmaker later pared losses.
Treasuries slid and the yield curve steepened on speculation the Federal Reserve may have to speed up policy tightening to fight price pressures that are broadening out from pandemic-linked snarls. Stronger-than-expected New York manufacturing data added to the case for an earlier interest-rate liftoff.
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