US equity markets - after an impressive surge early in the day - have suddenly hit a speed-bump...
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And the selling is very broad-based...
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No major news catalyst struck to mark the top but we note that the Treasury yield spike has been very violent...
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Which, as Bloomberg's Cameron Crise notes, means this yield move is entering the "danger zone" for stocks.
The 30bps spike in the last 5 weeks falls into the cohort where average and median equity performance has been negative over the following five weeks.
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As Cris concludes, do with that information what you will, but realize that with this kind of price action the bond market is not the equity market's friend.
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