Equity resilience to bond yield surge won’t last forever

While bond markets have been largely in hock to energy prices over recent weeks, headline equity indices have generally held up well in the face of surging bond yields. In large part, that reflects renewed enthusiasm for tech stocks and a reliance on a handful of large firms. That resilience would be tested if energy prices and yields continued to rise. More importantly, there are growing signs that the AI equity market boom is in its final stages.