S&P 500's Fourth Drop in Five Days as Bond Relief Fades

The S&P 500 closed Thursday at 7,641.16, down 0.87%, its fourth decline in five sessions. The index's own level tells only part of the story. The real damage showed up one layer down, in a Treasury market that spent eighteen hours pretending a policy fix had worked before proving it had not, and in market internals that flipped from broad participation to broad rejection in a single trading day.

Key Takeaways The S&P 500 fell 0.87% Thursday to 7,641.16, its fourth decline in five sessions, while the Dow dropped 703.84 points (-1.32%) and the Nasdaq Composite fell 1.00% to 26,067.17. The 30-year Treasury yield rebounded to 5.24% and the 10-year to 4.69-4.70% by Friday morning, erasing nearly a…