Rising bond yields emerge as pressure point for U.S. stock rally

News Snapshot:

Rising U.S. bond yields are unnerving investors and worsening stocks turbulence as markets confront a pileup of unwelcome news, from last week’s downgrade of the U.S. credit rating to revived worries over regional banks. Surging yields contributed to last year’s plunge in equities, when the Federal Reserve hiked interest rates to fight soaring inflation. This year, it’s largely been a different story, with bond yields rising on better-than-expected economic data. The S&P 500 has rallied over 16% from its March lows, despite a roughly 50 basis point increase in the yield on the benchmark 10-year Treasury note over that time....