Average 1-Month S&P 500 Return vs. Change in 10-Year U.S. Treasury Yields

The S&P 500 typically struggles when U.S. Treasury yields rise quickly. This is largely due to decreased stock valuation multiples, especially for high-priced mega-cap growth companies that thrive in low-rate environments.

Image: Goldman Sachs Global Investment Research

Average 1-Month S&P 500 Return vs. Change in 10-Year U.S. Treasury Yields