Despite its recent advance, the 10-year yield remains "in a downtrend" and faces resistance at the 4.09% level and near the 200-day moving average of 4.16%, said Adam Turnquist, chief technical strategist for LPL Financial in Charlotte, NC. Until these levels are conquered, upside rallies in the yield "should be viewed as temporary."

Stocks are heading into the week on a down note, with inflation data, oil prices and Treasury yields in sharp focus.

Wall Street is pointing higher before the opening bell after Hong Kong’s benchmark plunged more than 9% after Beijing refrained from major spending initiatives as China’s economy slows

That in turn has sent Treasury yields higher, and the 10-year yield is back above 4% for the first time since August. The two-year Treasury yield also briefly climbed back above 4% Monday, up from 3.50% a couple weeks ago.

That in turn has sent Treasury yields higher, and the 10-year yield is back above 4% for the first time since August. The two-year Treasury yield also briefly climbed back above 4% Monday, up from just 3.

U.S. stocks are steadying themselves as falling oil prices release some of the pressure that’s built up on the market. The S&P 500 was 0.4% higher in early Tuesday trading