Nuveen strategist Saira Malik says higher Treasury yields tighten financial conditions and raise discount rates, warning that highly-valued stocks could sell off if investors prefer risk-free rates. Positive: better fixed-income opportunities and firmer USD. 10-year yield at 5.234%.

One free account opens every story complete, the live board, the 30-day calendar, a watchlist and breaking alerts on your phone. No card. The wire stays free to read.