S&P 500 Turns Positive After Falling 0.5%; 10-Year Treasury Yield Eases to 5.13%

The intraday reversal in equities alongside a pullback in the 10-year yield suggests the earlier move was more about positioning than a durable shift in the rate backdrop. The fact that the 10-year remains above 5% even after easing from its high is the more telling signal: elevated borrowing costs are still the baseline that risk assets are trading against. Whether the yield can hold below its session peak, or whether the equity bounce fades once rates tick back up, is the open question.