2007-style repricing hits equities: yields and the ceiling
Monday delivered the first meaningful pullback of the month, and the market is telling you the reason in one number: the 10-year Treasury closed at 5.24%, its highest since 2007. The S&P 500 fell 0.77% to 7,683.69, and the driver was not a company story gone wrong. It was a macro repricing that compresses equity multiples in real time, and it has not finished until Wednesday's core PCE print and Friday's September payrolls give the Federal Reserve cover to pause. That pair of prints, not any single stock, is now the ceiling.
Key Takeaways The 10-year Treasury closed at 5.24% on Monday, its highest since 2007, and the 30-year at 5.561%, highest since 2004. The S&P 500 fell 0.77% to 7,683.69 as…
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