The mood music seems to be improving in the equities space as we see S&P 500 futures cover losses to be down by just a little over 2 points, or 0.07%, now. For some context, it was down by as much as 36 points earlier in the day as we headed into European morning trade.

Dow futures are also just down by 0.2% now with Nasdaq futures already in the black, seen up by 0.3% on the day.

With the FX market still looking rather sanguine about the whole SVB situation, it looks like stocks are also starting to turn the corner. Now, all there's left is the bond market or are they the ones who have gotten the call right on this matter?

2-year Treasury yields are still down 8.2 bps to 4.818% while 10-year yields are down 7.4 bps to 3.849%, though both are well off the lows from earlier in the day.

When you throw in the US jobs report later, it is going to be really messy for Wall Street trading today.