Surging Treasury yields upend stock market's 'bond proxies'

© Reuters. FILE PHOTO: A Wall St. street sign is seen near the New York Stock Exchange in New York City, U.S., September 17, 2019. REUTERS/Brendan McDermid/File Photo

While rising yields are generally seen as unfavorable to growth stocks, some of the steepest losses have been concentrated in more staid sectors such as utilities and consumer staples. But surging bond yields have dulled the appeal of bond proxies. Investors can now earn higher yields on government debt seen as virtually risk free if held to term. The yield on a six-month Treasury now stands at around 5.6%, while the utilities sector was yielding 4% and staples yielded 3%, according to LSEG data.

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