Daily Wrap

Somewhat strangely, the mega-caps provided substantial support to the NASDAQ-100 and S&P-500 despite not just higher yields, but new 10-year yield cycle highs, reaching the highest level since 2007 (4.35%), and the 30-year bond yield reached highest level since 2011 (4.47%). Meanwhile, the 30-year mortgage reaches the highest level since 2000! Some market concern ahead…