Bond market's cracking wide open and equities haven't caught up yet. When yields move this violently, something always breaks—either in credit markets, corporate funding costs, or equity valuations. Watch for second-order effects: margin calls in levered positions, refi walls hitting distressed names, and rate-sensitive sectors (REITs, utilities, growth tech) getting hammered. This dislocation doesn't last—either bonds stabilize or stocks reprice hard. If you're long duration-sensitive names, tighten stops. If you're hunting opportunities, wait for capitulation.