Stock futures point to a higher open after a selloff spurred by rising yields. Treasury yields rose, with the 30-year bond yields piercing the key 5% level amid government deficit worries as Republicans work on passing a giant tax bill that some analysts estimate could cost $3.

Wall Street slumped under the weight of pressure from the bond market, where Treasury yields climbed on worries about the U.S. government‘s spiraling debt and other concerns.