Tech-driven bull market reaches four-year milestone as yield concerns loom

A sustained decline in Treasury yields—whether through Fed pivot signals, disinflation data, or flight-to-safety flows—would likely ease valuation pressure on growth equities and allow the bull market momentum to persist or re-accelerate.

Yields and equity valuations could remain in a holding pattern, with tech stocks grinding sideways as investors price in a stable-but-elevated rate environment, producing neither a sharp correction nor a breakout rally.

A sustained rise in yields—driven by sticky inflation, hawkish Fed messaging, or fiscal concerns—would plausibly compress multiples on high-growth names and potentially trigger a broader equity drawdown as the cost of capital rises faster than earnings growth can offset it.