US stocks rebound as market accepts Fed rate hike; 10-year Treasury yield nears 5%

The rebound looks less like conviction than resignation: equities rallied even as the 10-year pushed toward 5%, a combination that historically signals markets are repricing the cost of capital rather than celebrating growth. The move matters most for duration-sensitive assets, and by extension for crypto and tokenized real-world assets, which compete with a risk-free yield now approaching that threshold. Whether the 10-year holds near 5% once the expected Fed hike lands is the open question, and oil's weekly surge complicates the inflation picture the Fed is reacting to.