It’s off to the races for bond yields. That could easily mean more declines for the stock market. The 10-year Treasury yield has popped to almost 4.8%, up 1.2 percentage points from a major low point hit in September.

There’s room for stock markets to fall further as bond yields approach levels that have been painful for equities in recent years.

Markets see just one rate cut coming in 2025 amid a confluence of strong economic data and the potential for Trump's economic plans to stoke inflation.

The biggest story in finance is that longer-term bond yields are rising. The yield on the 10-year Treasury, at about 4.7%, is the highest since April, even though the Federal Reserve’s overnight rate is now a percentage point lower than it was then.