The fork: which way the 10-year yield moves next
yield extends lower
yield re-accelerates
Yield easing transmits into a selective equity bid
Long-end yields pulling back lowers the discount rate on equity cash flows, relieving small caps and value while growth and mega-cap fail to confirm: a narrow rotation, not a broad re-rating. The 10-year yield path decides whether the bid broadens or the relief unwinds, with small caps giving back first on a re-acceleration.
Long-end yields
pull back
Discount rate
equity cash flows drop
Small caps & value
relieved · rebounds
Growth / mega-cap
fails to confirm
Narrow rotation
not a broad re-rating
52-wk high zone
re-acceleration level
extends lower
10Y extends lower
bid broadens
risk-on holds
10Y re-accelerates
relief unwinds
small caps give back