On May 21, the S&P 500 plunged nearly 80 points in just 30 minutes—not due to headline news, but a weak $16B 20-year Treasury auction. The auction saw tepid demand, with yields jumping to 5.047% (the highest since Nov 2023) and a lower bid-to-cover ratio signaling investor caution. Surging Treasury yields, fueled by concerns over U.S. fiscal policy and recent credit downgrades, rattled markets and drove equities lower. The episode is a stark reminder of how bond market stress can quickly spill over into stocks
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