(Bloomberg) — The dollar extended gains and U.S. equity futures fluctuated as investors weighed the impact of President Donald Trump’s decision to end stimulus talks until after next month’s election. Asian equities were mixed.

chart, line chart: 30-year Treasury yield trying to convincingly break above 200-day moving average

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30-year Treasury yield trying to convincingly break above 200-day moving average

S&P 500 futures were little changed after the benchmark fell more than 1% overnight. Fresh comments from Trump calling for support for airlines and the Paycheck Protection Program helped reverse earlier losses. Shares saw modest gains in Hong Kong and South Korea and fluctuated in Japan. Treasury yields held overnight declines. Nasdaq contracts earlier retreated after a House panel proposed a series of far-reaching antitrust reforms to curb the power of U.S. technology giants including Amazon.com and Alphabet Inc. European futures pointed lower.


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Elsewhere, Australia’s 3-year bond yield dropped to an all-time low on plans to issue less debt than estimated, while stocks rose after Tuesday’s budget annoucement. Crude oil dropped.

Volatility has picked up this month after Trump contracted the coronavirus and investors weighed the likelihood of a stimulus deal. House Speaker Nancy Pelosi had called on Republicans to get on board with a version of the bill the House passed last week with only Democratic votes. But significant gaps remained between the Democrats’ $2.2 trillion proposal and a $1.6 trillion offer backed by the White House.

“The market rally thus far had really been driven by this unprecedented stimulus from both central banks and governments globally and a large part of that was from the U.S.,” Emily Weis, a macro strategist at State Street Corp., said on Bloomberg TV. The timeline on more American fiscal stimulus “has now been pushed further back.”

Meanwhile, with Trump now out of hospital investors continue to monitor the virus’s impact on economic recoveries