Power Lunch 9/25/26

Despite 19-year-high bond yields, an earnings-led rally keeps stocks near records, though guests flag capex, valuation and oil-supply risks ahead.

• Rates vs. rally: 10-year yield hit 5.23% (19-year high) yet S&P is within 1-2% of records; Ed Yardeni says he'd worry only above 6%, since nominal GDP is running 6.6%.
• Valuation caution from Ellen Hazen (FL Putnam): hyperscaler capex growth may slow, prompting a shift from pure AI/memory plays toward Nokia (optical networking), MYR Group (data-center construction), CVS (10x earnings, 2.7% yield) and Meta.

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