- In afternoon trade, US stocks rose, led by increases in megacaps and technology sectors. Benchmark treasuries recovered from early losses, as oil fell due to fears of a Chinese lockdown.

- After dipping as high as 0.6% the previous day, the S&P 500 rose for a third day, closing up 0.7%. The tech-heavy Nasdaq 100 index gained almost 1.5%. As China's viral outbreak worsened, concerns about demand in the world's largest crude importer grew.

- Meanwhile, equities markets remained sensitive to news about the conflict in Ukraine, dropping earlier after a report that some peace negotiators had signs of possible poisoning following a meeting in Kyiv earlier this month.

- Tesla climbed after announcing that it intends to seek shareholder approval for a move that would allow for another stock split. The electric-vehicle maker had previously announced that it was prolonging the interim shutdown of its car facility in Shanghai due to an increase in cases in the city, according to a major newswire. Apple has clawed back losses caused by reports that it will reduce the production of its iPhone SE series. Bitcoin's losses from 2022 were wiped, causing crypto stocks to rise.

- From a session high of 2.55%, the 10-year Treasury yield traded near 2.45%. Five-year Treasury yields had already risen above 30-year Treasury yields, indicating that some investors expect an economic slump. In comparison to most of its main counterparts, the dollar rose.

- As equity strategists from Goldman Sachs to JPMorgan tell stock investors that there's no need to worry about the US Treasury yield curve just yet, a growing number of money managers are betting equities indexes have already largely priced in bearish bond swings.

- Despite this, the war in Ukraine continues to impair vital commodity supplies, raising inflationary concerns and anticipation of more aggressive Fed tightening. Meanwhile, global stock markets have rebounded from their post-Russian invasion lows.

- Biden released a $5.8 trillion budget proposal on Monday, emphasizing deficit reduction, increased investment for police and veterans, and the ability to negotiate new social spending initiatives.