If you believe that the bond market still means something, then buckle up. Treasury yields are lower across the curve today but 5-year yields are particularly notable because they’ve hit an all-time low for the second day. Today they’re down 1.7 bps to a low of 0.2343%.

Zooming out a bit, 10-year yields are also threatening major support. The April low was 0.5394% and we’re at 0.5478%. A close here would be the second-lowest on record after the March 9 spike low.

Equity futures have also taken a negative tone with S&P 500 futures down 25 points after yesterday’s 40-point gain.