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A broken uptrend in a key government bond yield is a bad omen for stocks


So much for the V-shaped recovery.

The yield on the benchmark 10-year Treasury note

just broke below a rising trend line, to suggest the uptrend off the COVID-19 low in early March has ended.

That uptrend in rates was significant for both Main Street and Wall Street. It helped to support the belief that the worst of the effects of the COVID-19 pandemic on the economy was over, with data suggesting the labor market was improving rapidly as all 50 U.S. states phased in measures to reopen their economies. See Economic Reports for recent economic data.Bond yields rise as prices fall.

“The break here suggests that…


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