Welcome to Markets Desk, here's what's moving your money right now.
Treasury yields are climbing, and the pressure is being felt across equity markets. The so-called Magnificent Seven are in the crosshairs, as higher yields make their stretched valuations harder to justify. That's a direct hit to consumer wealth through retirement accounts and broad index exposure, and it's a story that isn't going away.
Staying in that yield environment, here's the counterintuitive wrinkle — money is still flowing into bond funds despite the selloff in Treasuries. Investors appear to be locking in yields they haven't seen in years, betting that rates are near a peak. Fund flows suggest conviction, not panic, which tells you something about where institutional money sees value right now.
Shifting to a name that's been under pressure, Palantir is logging its worst stretch since February, and the culprit is familiar — valuation. After a sharp post-earnings rally last month, the multiple has become difficult to defend as yields rise and risk appetite tightens. When money gets more expensive, paying sixty or seventy times forward earnings requires a very strong stomach.
That's the tape. Markets Desk, signing off the floor.
