10-year yield back near 4.6% keeps rates a headwind.
TNX is back around 4.6% after a sharp gap up, reflecting elevated 10-year yields driving rate-sensitive weakness.
TNX is framed as the 10-year Treasury yield, showing a gap up and returning to roughly 4.6%–level, described as quite elevated. The show ties the move to increased oil prices and hot inflation numbers, with the implication that higher yields continue to weigh on risk assets.
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