---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43136738.md"
description: "Everyone is celebrating the Nasdaq's 2.8% rebound.No one noticed that the 30-year Treasury yield hit 5.24% today.5.24%, which is the highest level in decades.What era was it when the 30-year yield was at this level last time? The era when the internet bubble was bursting.What are Treasury yields? Simply put, it's the interest the market demands for lending money to the U.S. government.The higher this number, the greater the risk the market perceives in holding U.S. Treasuries, or the higher inflation expectations, thus requiring more compensation.5.24% means the market is saying: I don't believe inflation will come down quickly, nor do I believe the U.S. government's fiscal situation will improve.What does this have to do with your U.S. stocks? A lot.Treasury yields are the pricing anchor for the entire financial market. When they rise, discount rates for all assets rise, and all stories about "making big money in the future" get discounted.NVIDIA, Tesla, SpaceX—these high-valuation growth stocks fear this the most.The Nasdaq rebounded 2.8% today, and everyone is happy. But underneath, there's an undercurrent. The bond market signal contradicts the stock market signal. The stock market says, "It's fine, it rebounded," while the bond market says, "Be careful, the foundation is loosening."Before the tech bubble burst in 2000, the stock market also rebounded several times consecutively. Every time someone on Twitter said, "It's bottomed out." But the Treasury yield kept quietly rising, and in the end, the bond market won.I'm not saying this time will definitely repeat 2000, but when the stock and bond markets send completely opposite signals, historically, the bond market usually wins.You can celebrate today's rebound, but don't forget to take a look at the number 5.24%.It is much more important than how many points the Nasdaq rose today."
datetime: "2026-08-01T04:05:00.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43136738.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43136738.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43136738.md)
author: "[浩浩荡荡地](https://longbridge.com/en/profiles/19784218.md)"
---

# Everyone is celebrating the Nasdaq's 2.8% rebound.…


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