The early gains in the S&P 500 didn't last five minutes. The index is no down 13 points to 3903.

With that, yields have given back some gains and so has the US dollar. That's been coupled with a $1 decline in oil.

I've noticed the increasing relevance of oil prices to broader macro trades and the inflation outlook. USD/JPY is now down 13 pips to 135.05 on the day after it flirted with 135.50 on rising yields.