From my point of view, the US 10Y bond yield is a risk-free yield which is key to the asset price. I don't know what caused the 5+% jump, but it's not a good sign.
The rate is a sort of fund cost. When it goes higher, risky assets will be under pressure. Stocks belong to that category.
time to take caution, this is dangerous for stocks
JICPT
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A dangerous sign doesn't mean to short the stocks.. Obviously, market hasn't reached the point. Today, another 3+% increase...In the long run, the high yield will hurt the market.