2026-09-02 · A Narrow Bounce, Not a Turn
A three-day losing streak ended on falling Treasury yields and easing oil fears, but the rally was carried almost entirely by Nvidia while money quietly rotated out of software and into rate-sensitive utilities, REITs and industrials betting the yield shock is close to peaking.
The Signal
Wednesday snapped a three-day losing streak, and the reason was mechanical rather than fundamental. The 10-year Treasury yield backed off after touching its highest level since late 2023 earlier in the session, giving stocks room to bounce, while crude near $95 a barrel, driven by disruption around the…
The skinny
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