The rise in U.S. Treasury yields puts discount rate pressure on high-valuation tech stocks and growth assets.

AiCoin2026/07/21 02:01

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On July 20, the 10-year U.S. Treasury yield rose to around 4.60%, while the 20-year yield broke above 5.1%. The market is once again trading on long-term inflation and term premium pressures. Energy prices have gained a risk premium due to escalating U.S.-Iran tensions and restricted transportation through the Strait of Hormuz, intensifying concerns over a second wave of inflation. Major corporations have concentrated on issuing long-term bonds, pushing up long-term yields. The 10-year U.S. Treasury yield approaching 4.6% puts discount rate pressure on highly valued tech stocks and growth assets.

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OPEC's monthly report shows that Saudi Arabia's average daily crude oil production in October rose to 10.56 million barrels, just several hundred thousand barrels lower than the pre-war level in February and slightly above its quoted limit under the OPEC framework. Iraq's daily output in October also reached approximately 4.9 million barrels, a new high since the outbreak of war. Meanwhile, after the UAE exited OPEC and began competing in the market independently, both the UAE and Saudi Arabia recently slashed their official December cargo prices for Asian buyers, intensifying the competitive landscape.

华尔街见闻•2026/11/11 17:31