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US stocks showing significant gains overnight despite high Treasury yields
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U.S. equity futures were trading higher early Wednesday even as Treasury yields have reached their highest levels in months.
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A swift rise in Treasury yields is forcing investors to reassess whether prices have run too high for stocks, particularly the most popular ones. On Tuesday, the yield on the 10-year Treasury jumped to 1.54%, its highest level since late June. That’s up from 1.32% a week ago.
Early Wednesday, it was steady at 1.53%.
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"What we got here is stock market that finally looks vulnerable as Treasury yields surge, oil prices look like they could easily hit $90 a barrel, and as supply chain issues show no signs of easing," Edward Moya of Oanda said in a commentary.
On Tuesday, the benchmark S&P 500 index fell 2%, its worst drop since May, and the tech-heavy Nasdaq fell 2.8%, its worst drop since March. Decliners outnumbered advancers on the New York Stock Exchange 4 to 1.