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Treasury yields rose and equity prices edged higher as US markets had their first chance to react to the victory of Emmanuel Macron in the French presidential election.

Stock futures suggested markets would open with a slight pullback after the S&P 500 closed at a new record high on Friday, buoyed by expectations of a win for Mr Macron, leaving little room on Monday for further gains from his victory.

But the S&P 500 has begun Monday trading slightly above it’s Friday close at 2,401.36. The Nasdaq Composite also set a new all time higher after it opened 0.1 per cent to 6,106.117.

Benchmark 10-year Treasury yields, which move inversely to price, rose 1 basis point to 2.36 per cent in early morning trading. It came as Loretta Mester, president of the Federal Reserve Bank of Cleveland, warned against the central bank “falling behind” its rate rise path.

The US dollar index rose 0.3 per cent to 98.899 and crude oil prices fell, with Brent crude down 0.5 per cent at $48.87.

Copyright The Financial Times Limited 2017. All rights reserved.

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