JPMorgan: S&P 500 Valuation Can Withstand 10-Year Yields of 5%-6%

The framing matters more than the threshold: JPMorgan is arguing that the yield-equity relationship is conditional on earnings, which pushes the debate away from a single trigger level toward growth durability. That distinction affects how allocators read the same yield move — as a headwind or as a backdrop. The 30-year near 20-year high alongside a double-digit S&P gain suggests the market has so far priced yields as a growth signal, not a discount-rate shock. Whether earnings can keep carrying that burden is the open question.