JPMorgan: Stabilizing Bond Yields Would Support Stock Market

The takeaway is less about equities themselves than about the feedback loop between rates and the AI buildout: JPMorgan is effectively arguing that the financing strain from AI capex and consumer balance sheets is a rates story, not an earnings story. That distinction matters for anyone holding the view that earnings strength alone can carry the cycle. The mild share-price reactions to mixed reports suggest expectations are already subdued, which cuts both ways. The open question is whether yield stabilization actually materializes, since the entire thesis is conditional on it.