2 key themes in the overnight session: an important break higher in stocks and a fairly significant sell-off in European bond markets.  The two seem to be connected at first with a European Central Bank speaker pulling a page out of the Fed's book with respect to a "symmetrical inflation target."  This is just another way for policy makers to promise that rates will be lower for longer.

Before that, the head of Japan's central bank also made overtures toward additional stimulus.  This is what kicked off the overnight rally for the stock market (including US stock futures). Treasuries weren't too concerned at first, but finally gave up ground in a more meaningful way after European markets opened with more stock strength and bond weakness.

All of the above can be reduced to 2 very simple concepts: markets are trading the actual prospects for economic reopenings and--to whatever extent that's not enough to make everyone happy--markets are responding to central bank pledges to mitigate as much of the temporary pain as possible.