- US stocks rose in a broad-based rally, fueled by optimism about progress in talks between Russia and Ukraine. Most treasury yields fell, while a key segment of the yield curve inverted for the first time since 2019.

- The S&P 500 gained for the fourth day in a row, closing above 4,600 for the first time since mid-January. Except for energy stocks, which fell as oil prices fell, all 11 industry groups rose. The Nasdaq 100 gained more than 1.5%, and Apple gained for the 11th consecutive day, the longest winning streak since 2003. The dollar fell, while the euro rose to its highest level in nearly three weeks.

- The prospect of a cease-fire in Ukraine boosted risk sentiment. The talks between Russia and Ukraine did not result in a cease-fire agreement, but they did provide a potential pathway to a meeting between Vladimir Putin and Volodymyr Zelenskiy. Russia said it was reducing military activity near Kiev and Chernihiv, and its chief negotiator said Moscow would take steps to "de-escalate" the conflict.

- The treasury selloff has stalled, with yields lower across most maturities as trade talks have driven down oil prices and inflation expectations. After reaching record highs last week, the five-year breakeven rate on inflation-protected treasuries fell as much as 12 basis points to 3.52%. Meanwhile, the two-year yield briefly surpassed the 10-year yield for the first time since 2019, reinforcing the view that Fed rate hikes may trigger a recession.

- After concluding talks in Turkey today, Ukrainian negotiators stated that there is enough ground to hold a meeting between Putin and Zelenskiy. However, Moscow's announcement of de-escalation came at a time when the advance on the capital was already stalled, and previous efforts at diplomacy and overtures, such as humanitarian corridors, had yielded little result.

- Global equities have recovered from the lows reached following Russia's invasion of Ukraine. Such tenacity contrasts with inverting yield curves, which are roiling economic confidence as investors brace for the Fed to tighten monetary policy in order to contain inflation, which is running at its fastest rate in four decades. The two-to-ten-year yield inversion is the latest in a series that began in October, when 20-year yields surpassed 30-year yields. Inversion has occurred in the 7- to 10-year and 5- to 7-year segments, among others, in the last month.