July 13, 2021
Treasury yields sank last week, before rebounding strongly late in the week. Fundstrat’s head of research Thomas Lee says that the yield rise is here to stay and could hit up to 1.75%. Epicenter stocks—those hit hardest at the onset of the pandemic— could be poised to rebound strongly. The likes of Harley-Davidson, Garmin, MGM Resorts, Marriott, Evercore Boston Properties, FAANG (Facebook, Amazon, Apple Netflix, and Google), and energy stocks. FAANG has historically outperformed the S&P but lagged in the first half of 2021. Energy stocks have lagged oil prices too much and are due to catch up with reopening and rising yields.
FINSUM + Magnifi: A robust yield rebound would mostly come from strong economic growth and those companies hurt from the contraction could catch up.
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