Death of a Treasury Bull Market Rocks Faith in Market Winners
- Big Tech remains acutely exposed to gyrations in bonds for now
- Morgan Stanley warns on EM FX; JPMorgan likes value stocks
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Stocks may be catching a breather in Monday trading, but the aftershocks from the sharpest bond selloff in almost five decades are set to reverberate across investing strategies hitched to the cheap-money era.
Consider the troublesome cross-asset linkages out there. Technology stocks have become ever-more sensitive to U.S. debt, with co-movements turning the most negative since 1999, according to Bank of America Corp.