equities

Growth led, then the 5% 10-year took the floor: a rate-shock rotation under thin breadth

Published September 25, 20263 min read

Line chart of S&P 500 (SPY), last 90 days (USD) on a dark background — A rate shock, not earnings, rewrote the week: the 10-year Treasury's break above 5% drove a rotation into growth and out of everything duration-sensitive. Illustration: MarketIntelLabs

Growth carried the tape to a Monday high, then the bond market took the floor and rewrote the week. SPY, the S&P 500 ETF, closed Thursday at 767.18, up 0.72% for the week from 761.69 and off Monday's 773.50 peak, and the gap between that high and that finish is the real story: a rate shock repriced the market this week, not an earnings season.

Key Takeaways SPY closed Thursday at 767.18, up 0.72% for the week but below Monday's 773.50 high. QQQ was the week's strongest major index at 741.10, up 2.72%; small caps lagged with IWM down 0.86%. The 10-year Treasury closed above 5% Wednesday, the first time since 2007, and crushed every rate-sensitive sector. Breadth is the honest signal: net new 5…

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