Nasdaq’s Three-Percent Rally Defies Rising Real Yields—Here’s Why It Won’t Last
The Nasdaq surged 2.92% yesterday while the 10-year Treasury yield climbed 14 basis points to 4.28%, a combination that shouldn’t exist in the same universe according to the logic that has governed markets for the past eighteen months. Duration-sensitive growth stocks are supposed to crater when real yields spike, yet here we are watching mega-cap … Read more