Rising Treasury yields put additional pressure on stocks.
ADP Employment Change Report Disappoints
The U.S. has just released ADP Employment Change report for February. The report indicated that private businesses hired 117,000 workers compared to analyst consensus of 177,000. Back in January, private businesses added 174,000 jobs.

The disappointing report has put some pressure on S&P 500 futures in premarket trading, and they have pulled back into the negative territory.
This week, traders will remain focused on U.S. employment data. Initial Jobless Claims and Continuing Jobless Claims reports will be published on Thursday while Non Farm Payrolls and Unemployment Rate reports will be released on Friday. It remains to be seen whether the market will be able to gain more upside momentum in case employment reports are weaker than expected.
Oil Moves Higher Despite Rising Inventories
The recent API Crude Oil Stock Change report indicated that crude inventories increased by 7.36 million barrels compared to analyst consensus which called for a decline of 1.85 million barrels.

While the inventory report was disappointing, WTI oil managed to get back above the $60 level on hopes that OPEC+ will leave current production cuts intact.

According to recent reports, OPEC+ is discussing the possibility of keeping current production cuts in place for April as demand recovery remains fragile due to the continued problems on the coronavirus front.

Saudi Arabia is projected to end its voluntary production cuts of 1 million barrels per day (bpd), so the oil market will have to deal with rising supply in any scenario.

OPEC+ ministers will meet on Thursday, and the oil market will likely remain volatile until the end of the week.

U.S. Treasury Yields Continue To Rebound
Treasury yields continue to move higher after the pullback at the end of February as traders remain focused on the upcoming stimulus package which could bring higher inflation.

The yields of 10-year Treasuries have increased to 1.46% while the yields of 30-year Treasuries are trying to settle above 2.25%. Rising yields did not put much pressure on stocks today, but S&P 500 futures are already moving lower in premarket trading. Higher yields may ultimately hurt high-flying tech stocks which will be bearish for the general market.

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