Editorial companion

What stands out

Nathan Peterson points to the latest PMI composite as the catalyst that pushed the 10-year Treasury yield to levels not seen since July 2007, and he calls that move "going up for the right reason." He also highlights a concentrated tech rally, Nvidia, AMD, and Broadcom beating expectations, while overall market breadth is shrinking as a handful of AI names carry the advance. The clip packs a familiar modern market tension: strong, earnings-driven gains in a few leadership stocks at the cost of a broader participation problem.