30-Year Yield Rises To Highest Level in Almost Two Decades; Tops 5.20%. Equities Have Not Priced This In.

Most everything dropped at the cash open. Dip-buyers stepped into a number of areas, from Semiconductors to defensive sectors, but mega caps were generally left out. Session highs did not hold and the major averages finished lower, adding to the recent transition from up, to a more choppy, lateral price trend. The morning was relatively…