Rapidly rising Treasury yields often rattle stock market investors, but a large jump in rates saw major indexes refuse to fold so far this week.
“Equity markets are, for now, calling the bond market’s bluff by assuming it is merely momentum — not true economic signals — forcing rates higher,” Nicholas Colas, co-founder of DataTrek Research, said in a Wednesday note. Stocks barely budged, with the Dow Jones Industrial Average DJIA eking out a small gain, while the S&P 500 SPX saw a marginal loss.
The stock market’s resilience indicates investors are questioning the idea that the bond market is the smartest money in the room — at least for now, Colas said.
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