Market Starting To Crack Under High Bond Yields? | WMR 9 24 26

Rising bond yields are already causing broad market weakness masked by a handful of AI mega-caps, Lebowitz argues.

• 10-year yield hits 19-year high: The US 10-year Treasury is near its highest level in 19 years, with the 5-year auctioned at 5% and 2-year yields up nearly 0.5% in a month versus just 6bps for the 30-year.
• Hidden market weakness: While the S&P 500 looks flat, the equal-weighted S&P (RSP) is down 4%, financials -5%, small caps -6.5%, real estate -7%, and utilities -9%, masked by ~10-20 AI/tech mega-caps.

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