Chart of the Day - Monday, August 14, 2023

Today’s Chart of the Day was shared by David Keller (@DKellerCMT). The 10-year US Treasury yield ($TNX) settled at a nine-month high today and is on the verge of breaking out to a 15-year high. Since 2008, there have only been three other days in which the 10-year yield closed higher than it did today. It peaked last October, around the same time the S&P 500 bottomed, and It's been basing atop the 2018 highs ever since. As David points out, if the 10-year yield resumes its uptrend, it will likely put pressure on growth stocks, tech stocks, and other long-duration assets. That being said, the tech sector led by a decent margin today, despite this ominous move in the 10-year yield.