U.S. futures and global stock markets traded lower, while government bonds rose in price, as investors continued to scale back bets on robust growth and inflation.

S&P 500 futures fell 0.5%, pointing to a lower open for U.S. stocks on Monday.

Market action in recent days has represented a partial reversal of what analysts and investors dub the “reflation trade,” a bet on companies and assets that stand to do best in an environment of solid economic expansion and quickening inflation.

AMAZON PRIME DAY, GAMESTOP’S RUSSELL FATE, NIKE EARNINGS TOP WEEK AHEAD

Last week, the Federal Reserve signaled that it could raise interest rates sooner than previously forecast, helping drive the Dow Jones Industrial Average to its worst week in nearly eight months.

In regional markets, Japan’s Nikkei 225 fell 3.8%, while…

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