US stock futures are little changed as a rebound in Treasuries helps temper concern over America's fiscal outlook. The S&P 500 is still headed for its biggest weekly drop since the early-April tariff selloff. Asian stocks rose for a sixth week.

Stocks in Asia rise as bonds stabilize. Treasuries hold gains following Thursday's rally, while US equity futures wobble after the S&P 500 lost steam to finish lower. The greenback weakens against all its G10 peers.

A surge in long-term yields is threatening to upend a crowded hedge-fund bet that Treasuries will perform better than interest-rate swaps. Meanwhile, an institutional investor's multi-billion-dollar bullish bet on US stocks has become the talk of the options market.

Meanwhile, at the Fed, the manager of the central bank's massive portfolio of securities said its effort to reduce the size of its balance sheet is beginning to place pressure on the market for repurchase agreements.

The US Supreme Court shielded the Federal Reserve from the administration's push to fire top officials at independent agencies, a decision likely to quell concerns that Jerome Powell might be fired.