Stocks Rebound as Bond Yields Hold Steady and Bitcoin Soars to Three-Month High

Stocks are looking up on Friday after a sell-off yesterday. Futures tied to the Dow Jones Industrial Average and the Nasdaq were up by 0.6% recently, while S&P 500 futures added 0.4%. Bitcoin is also on the rise, trading just under $77,000 after surging above $79,000 overnight to its highest level in three months.

The major indexes lost ground yesterday as bond yields marched higher. The S&P 500 has declined nearly 2% so far this week, putting it on track to snap a three-week winning streak. However, the Treasury yield is holding steady after climbing yesterday, with the government considering boosting its planned Treasury repurchases.

Cryptocurrency-related stocks are extending their recent winning streak, with shares of Strategy (MSTR) surging 7% premarket and Coinbase (COIN) up roughly 5%. Ross Stores stock is also on the rise after the off-price retailer posted quarterly results that topped Wall Street estimates and raised its outlook.

Ross Stores reported second-quarter EPS of $2.66 on a 13% year-over-year rise in sales to $6.26 billion, ahead of analysts' projections. The company now expects earnings per share of $8.61 to $8.77 for the full year, up from $7.50 to $7.74 previously.