Stocks start the new day positively while U.S. bond yields continue to rise.

While the stock markets are positive after a long break, bond yields in the U.S. continue to rise.

MSCI Asia Pacific index ended its eight-day decline, led by Japanese and Hong Kong indices. Nikkei 225 gained more than 2 percent, and Hang Seng gained more than 1 percent. American futures also pointed to a positive opening after the holiday. The S&P 500 is up 1.5 percent in the morning hours, and the Nasdaq 100 is up 1.6 percent. The U.S. 10-year Treasury yield rose five basis points to 3.28% on expectations that the Fed will continue to raise interest rates.

St. Louis Fed President James Bullard said that the current U.S. macroeconomic situation hurt the Fed’s credibility. Goldman Sachs economists have lowered their U.S. growth forecasts, emphasizing the possibility of a business recession.