$TNX just ripped to levels we haven't seen in a while. 10-year yields spiking hard—this matters for everything. Higher rates mean pressure on growth stocks, tech multiples compress, and suddenly those "risk-free" bonds start looking attractive again. Watch how equity flows react. If yields hold here or push higher, we could see rotation out of high-duration names into value, financials, or just cash. Not a great setup for speculative plays. Keep an eye on how the Fed messaging shifts if this persists.