S&P 500

Key insight

5.26% 10-year yield acts as gravity on S&P multiples; break above 7,750 resistance needed to flip near-term tone. Micron Q4 tonight is the binary AI read-across — miss risks a tech-led flush toward 7,550.

7,671 holds below Monday's 7,683 close; 10-year Treasury at 5.26% — a 19-year high — compresses equity multiples as Iran standoff keeps oil near $93.

Main risk

10-Year Treasury at 19-yr high 5.26%

5.26% yield crushes P/E expansion; every 10bp higher tightens financial conditions further without any Fed cut signal in sight.