As U.S. stocks stumbled --- How every major financial asset performed in a chaotic January

As the dust settled, analysts at Deutsche Bank offered up the chart below, breaking down the performance, in U.S. dollar terms, of major global financial assets last month.

A spike in Treasury yields, with the 10-year rate hitting a two-year high near 1.9% before pulling back, helped make the Nasdaq Composite COMP, -0.36%, down 9%, the month’s second-biggest loser. Rising rates were a particular blow for tech and growth stocks — higher yields make the often far in the future cash flows that their valuations are based on less valuable in present terms.

But it was a rough month for global equities overall, with the worst performance since March 2020 when the first wave of COVID-19 sent stocks plunging, noted Deutsche Bank strategists Henry Allen and Jim Reid, in the note. Credit also struggled on both sides of the Atlantic, they observed, as did traditional safe-haven assets like sovereign bonds and precious metals.

In turn, those tensions were good news for oil bulls, though surging crude prices may have unnerved investors in other assets. Brent crude BRN00, -0.24%, up 17.3%, and the U.S. benchmark, West Texas Intermediate crude CL.1, -0.07% CL00, -0.07%, up 17.2%, both saw their strongest gains in 11 months.

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