Treasury Yield Surges, Stock Market Plummets
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•The 'most important variable' to watch in markets right now: Morning Brief
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The 10-year Treasury yield has surged nearly 50 basis points in the past month , reaching above 4.6% for the first time since May 2023 .
Over this time period, the S&P 500 is down more than 1% , and any signs of a broadening in the stock market have all but dissipated.
Morgan Stanley chief investment officer Mike Wilson wrote in a note to clients on Sunday that the bad breadth is a symptom, not the cause, of the choppiness in markets.
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