The yield on the 10-year U.S. Treasury fell by 6 basis coins to 1.58% today, April 15.
The drop brings yields back to where they were in early March.
More importantly for the current rally that continues to take stocks up to record highs after day, the drop in yields reverses the trend that had seen bond yields move steadily higher in 2021 until with yields up near 1.80% Wall Street started to talk about yields hitting 2% in the not too distant future.
Higher yields, all else being equal, aren’t good for stock prices. Especially stock prices in the current rally since they’re based on a foundation of low interest rates as far into the future as the eye can see.