Stock Market Volatility: US Futures React to Surging Treasury Yields and Powell's Influence

US stock futures are attempting to rebound from a selloff as Treasury yields continue to rise and investors await a speech by Federal Reserve Chair Jerome Powell. The benchmark 10-year yield is closing in on reaching 5% for the first time in 16 years, putting pressure on stocks. Investors are also watching for the impact of elevated interest rates on corporate performance during earnings season. Netflix shares surged after reporting a rise in subscribers, while AT&T raised its annual free cash flow forecast. Peloton announced a partnership with the NBA and WNBA, and Nokia plans to cut up to 14,000 jobs to reduce costs.