#TreasuryLetsStatesFileStablecoinCertificationsEarly Treasury yields surged to their highest levels in more than two decades, and that put pressure on stocks at the start of the new month. Investors have worried about the continued rise in U.S. bond yields, and ignored a series of favorable economic data on Wednesday. Intraday moves also faded, with the Dow, S&P 500 and Nasdaq paring earlier gains. $GOOGL.US
Why it matters: Higher yields make bonds more attractive relative to stocks and raise borrowing costs. That tends to cap how far rallies can run, especially for richly valued sectors.