US Stocks Rally on Earnings While 10Y Yield Hits 2002 High

US equities are supported by strong corporate earnings, while the 10-year Treasury yield has climbed to its highest level since 2002, reflecting two opposing market narratives. The divergence suggests investors are pricing in robust growth alongside persistent inflation or supply concerns, creating tension between risk appetite and rate expectations. The sustainability of this dynamic is uncertain as it hinges on whether earnings can offset rising borrowing costs.