Debt concerns weigh on stock market futures and yields.

US stock futures were lower as debt-ceiling talks between President Joe Biden and House Republican Speaker Kevin McCarthy ended without a deal. Treasury yields moved higher across the curve, with the benchmark 10-year yield rising to 3.75%. Investors are on edge as the June 1 "X-date" approaches, when a default is likely to come. S&P Global's flash readings on US manufacturing and services PMIs and a report on new homes sales readings are set for release. In single stock moves, shares of Yelp Inc. rallied over 11% as activist investor TCS Capital Management confirmed its stake in the company and asked the company to explore strategic alternatives including a sale, while Lowe's Companies, Inc. shares slipped after the home-improvement company cut its full-year sales forecast.