Treasury Yields Rise Despite Weak Jobs Data; Why That's A Concern

The 10-year Treasury yield hit a new 19-year high on Tuesday despite economic reports showing consumer confidence plunging to a 12-year low and fewer-than-forecast job openings. The S&P 500 opened higher but soon faded, then reversed lower as the bond market seemingly disregarded the latest downbeat data. Take a look, in particular, at bank stocks, which tend to rise when the 10-year Treasury yield climbs and the 6-month Treasury yield slips, as is happening on Tuesday.