Stock futures are flat as investors grapple with higher yields, await Fed minutes: Live updates

Stock futures were little changed Sunday evening as elevated Treasury yields weighed on sentiment, with traders focused on minutes from the Federal Reserve's latest meeting.

The flat open follows a week defined by surging Treasury yields and a surprisingly weak jobs report. That jobs print helped ease concerns about another Fed rate hike, giving risk assets some relief even as bond yields climbed.

The setup is a tug-of-war between two forces. Higher yields pressure equity valuations and dent investor appetite, while softer labor data reduces the odds the central bank tightens further. Futures sitting flat Sunday night suggests the market has not resolved which force dominates, and that the Fed minutes are the next catalyst to break the tie.

Interpretation: with yields elevated and rate-hike fears only partly eased, the minutes carry outsized weight. Any language from policymakers suggesting openness to further tightening could reignite yield pressure, while a more balanced tone would reinforce the case that the weak jobs report has shifted the Fed's calculus.

Traders are entering the week without a directional signal from futures, so the Fed minutes are likely to set the tone for yields and equities alike.