Report published September 25, 2026
Raymond James: Weekly Headings – Treasury Yield Surge, Deteriorating Market Breadth, and Credit Resilience
Raymond James · September 25, 2026
The 10-year Treasury yield surged to 5.20%, its highest since 2007, challenging rate-sensitive sectors and consumers despite resilient headline growth. While mega-cap tech stocks and corporate credit spreads keep broad indices steady, internal market breadth has reached multi-decade lows.
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Finvaulta summarizes Raymond James's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.The resilient US economy faces a more challenging outlook as elevated borrowing costs and high energy prices squeeze middle- and lower-income households, increasing reliance on affluent consumers.
- 2.Equity market breadth is deteriorating sharply under the surface: while mega-cap tech keeps headline indices near record highs, 75% of S&P 500 constituents are down MTD and rate-sensitive sectors are under pressure.
- 3.Credit markets remain resilient with investment grade and high yield spreads near multi-year tights despite the 10-year Treasury yield surging to 5.20%, though lower-quality CCC debt shows widening stress.
Table of Contents
- Key Takeaways
- Chart of the Week
- Economy
- Equity
- Fixed Income
- Washington Policy
- Energy
- Charts of the Week
- Asset Class Performance
- Weekly Data
Report data
Equity Sector Dispersion Beneath the Surface — as of September 24, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 10-Year Treasury Yield (Intraday High) | 5.20% | Highest level since 2007 |
| 30-Year Treasury Yield | 5.47% | Eclipsed 2007 peak to reach highest level since 2004 |
| 2-Year Treasury Yield | 4.90% | Broke higher as odds for an October Fed rate hike jumped to ~70% |
| S&P 500 Stocks Trading Above 50-Day Moving Average | 25% | Lowest level on record when the S&P 500 is trading within 1% of all-time highs |
| High Yield Credit Spread | 282 bps | Near multi-year tights |
Reports in this series
Weekly Headings is shown in chronological order through this edition, published on September 25, 2026.
Part of the Weekly Headings series — view all 6 editions
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