Stocks Shoot Higher as Markets Anticipate Potential Rate Cuts

US futures extend their record-breaking meltup following the long weekend (which was to be expected with hedge funds piling into shorts last week, hoping for a reversal), with most European markets still closed and Asian stocks closing lower. As of 7:30am, S&P futures were 0.3% higher, but trading near session lows; Nasdaq futures gained 0.4%. Bond yields are 1-3bp higher with the USD unchanged from its Friday close. Commodities are mixed: oil down and metals are mostly higher this morning as China PMIs beat expectations. While bitcoin suffered…