A sharp rise in U.S. Treasury yields so far this year may have further to run, but the speed and scope of the move so far signals that stock market returns in the months ahead could suffer, according to a top Wall Street technical analyst.
“The lower the level of rates and the faster the collapse in those rates, the better for stocks out [six months] forward. The higher the level and the faster the surge in rates, the worse the returns for the SPX going out 6m,” deGraaf wrote. Also read: Here’s what history says about the Nasdaq Composite’s near-term returns after closing below its 200-day moving average
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