The 10-year yield hit new 16-year highs this morning. Willie Delwiche looks at stocks versus bonds in terms of relative valuations. He also goes over breadth and S&P 500 new highs and less lows. He talks about how the value line geometric index is “running over the same old ground.” He goes over how we have to update our framework for the price of stocks when yields are this high, which is a difference between now and last year because stocks aren’t quite as expensive as they were at the Covid peak, but relative to bonds, which have gone up a lot. Tune in to find out more about the stock market today.