Markets mixed, 10-year Treasury yield hits 1.64 percent

Markets were mixed on Friday.

In the US, the S&P 500 rose 0.1 percent to a record high but the Nasdaq Composite fell 0.6 percent.

Elsewhere, the Nikkei 225 surged 1.7 percent but the STOXX Europe 600 fell 0.3 percent.

The US 10-year Treasury yield hit 1.64 percent at its session high, its highest level since February 2020.

“Higher rates, less dovish central banks are now considered to be the single biggest threat for risk assets,” said Ralf Preusser, Bank of America’s rates strategist.

Tech stocks in particular have been particularly hit by “incredibly high valuations and yields that have tripled from the low last year,” said Robert Conzo, CEO of The Wealth Alliance.