Wall Street Stock Traders Refuse to Break in Week of Treasury Turmoil
- Stocks can do well in world with higher yields, says Art Hogan
- Meanwhile, BofA cross-asset market risk indicator stays muted
Traders work on the floor of the New York Stock Exchange.
Photographer: Michael M. Santiago/Getty ImagesWall Street stock traders have absorbed every blow this week, from ever-surging Treasury yields, relentless Federal Reserve hawkishness, dramas in commodities, and more. For all that, it’s a wonder just how well the equity-investing landscape is holding up.
After the 10-year Treasury yield hit its highest level since 2007, the S&P 500 escaped with a modest gain — the first in a month – while the Nasdaq 100 is up 1.75% for the week. Big doses of bond turbulence have failed to ignite broader gauges of risk across assets, with the Cboe Volatility Index down for three sessions. Pain thresholds across indebted Corporate America have edged up but are sending out sanguine signals compared with past bouts of strain.