Wall Street’s hard-charging risk rally just ran into the bond market.
The S&P 500 fell more than 1% Friday, led by technology shares, as a global bond selloff drove Treasury 10-year yields above 4.5%, pushed Japan’s 30-year borrowing costs to 4% for the first time and sent yields on UK long bonds to a 28-year high. Oil climbed above $105 a barrel after a Trump-Xi summit in Beijing produced no breakthrough over the Strait of Hormuz standoff.
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