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Wall Street Bets on High-Yielding Cash Deals in Fresh Blow to Stocks

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The stock market is buckling under the weight of a simple equation: cash earns more than equities.

Currently, six-month Treasury bills yield about 5.5% — the highest since 2001 — compared to the S&P 500’s earnings yield of roughly 4.7%. That’s the biggest advantage that cash has enjoyed relative to equities since 2000, according to data compiled by Bloomberg.

The vanishing appeal of stocks for income-hungry investors was on display yet again on Tuesday as bond yields continued to rise after briefly falling from decade-highs. The 10-year yield touched 4.56% at one point, its highest level since 2007. Meanwhile, the S&P 500 and the Nasdaq 100 fell more than 1% each.

“If I can earn, say, 5.5% in a risk-free investment, particularly if I believe that there’s going to be a lot of volatility in the stock market, heck yeah, absolutely,” David Spika, president and chief investment officer of GuideStone Capital Management, said in an interview. “The good news is there are options for investors — you don’t have to take the risk of the equity market — you can benefit from the yields we’re seeing in fixed income and money markets.

 

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