Stocks Hammered At The Cash Open For 4th Straight Day

Rate anxiety? But, but, but, “rates are rising for the ‘right’ reason?”

Stocks are getting hammered from the cash open for the 4th straight day…

And as rates surge, growth stocks are drastically underperforming…

…and no Powell speeches to save the day today!

There is an alternative now… stocks are at their most expensive to 30Y bonds since May 2019…

And S&P dividend yields and 10Y Treasury yields are aligned for the first time since Jan 2020…