Wall Street Sports Premarket Slump Amid Higher Bond Yields

Stock futures fell Tuesday as Treasury yields continue to rise. The benchmark 10-year note climbed to 4.735% -- its highest level in 16 years -- as investors fret over the Federal Reserve's higher-for-longer interest rate stance. In response, futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are down triple digits, while the S&P 500 Index (SPX) also sits well below fair value. 

Continue reading for more on today's market, including: 

• Bear notes pushed 2 stocks to 3-year lows.
• Senior V.P. of Research Todd Salamone unpacks hedge funds' big bet.
• Plus, 3 bull notes to pore over this morning. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw over 978,268 call contracts and 743,532 put contracts exchanged on Monday. The single-session equity put/call ratio rose to 0.76 and the 21-day moving average stayed at 0.67.
2. HP Inc (NYSE:HPQ) stock sports a 2.3% premarket lead, after Bank of America double upgraded the PC maker's shares to "buy" from "underperform" on improving fundamentals following a free cash flow bottom. Coming into today, HPQ was down 4.5% in 2023. 
3. Warner Music Group Corp (NASDAQ:WMG) shares are also jumping after a bull note. Specifically, UBS upgraded WMG to "buy" from "neutral," saying trends in the music industry should help the company in the long-term. Before the bell, the security is up 3.5%, as it looks to overcome an 11.2% year-to-date deficit.
4. Shares of eyewear retailer Warby Parker Inc (NYSE:WRBY) are 4.1% higher in electronic trading and set to open back above their year-to-date breakeven mark following an upgrade. Specifically, Evercore ISI now rates WRBY as "outperform," with the company's margins and reaccelerating revenue growth as catalysts for this new bullishness. 
5. Check out what other economic indicators are on tap this week. 

U.K. Data Shows Cooling Inflation

Hong Kong’s Hang Seng returned from a holiday with a steep 2.7% drop, as real estate and energy stocks weighed, while Japan’s Nikkei shed 1.6% on Tuesday. The South Korean Kospi and China’s Shanghai Composite were both closed for holidays.

European markets are lower, midday, with the German DAX down 0.8%, while the French CAC 40 sheds 0.7%, and London’s FTSE 100 falls 0.1%. U.K. food price inflation cooled to 9.9% from 11.5%, and dropped 0.1% monthly for the first decline in two years