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- US stocks plunged on Tuesday after bond yields surged to a new cycle-high not seen since 2007.
- Higher interest rates have upended investors appetite for risk as cash yields hit more than 5%.
- The 10-year US Treasury Yield jumped above 4.80%, compared to the 3.64% level it was a year ago.
US stocks plunged on Tuesday as interest rates surged to a new cycle-high, hitting levels not seen since August 2007.
The 10-Year US Treasury yield jumped above 4.80%, well above the 3.64% level it was at about a year ago. The surge in bond yields accelerated after weekly job openings data came in ahead of expectations, showing that the labor market remains resilient.