Mike Santoli’s market notes: Bond market tests stocks, GameStop rekindles, a tired S&P 500

Traders work on the floor of the New York Stock Exchange.

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics

  • The bond market is administering an ongoing test of equities' tolerance for higher yields. To date, not a lot of net damage has been done, the "reflation" dynamics helping cyclical sectors about as much as they're clipping defensive/growth groups. Even though it's a cliché to say, "Stocks can absorb higher rates for the right reasons if the move isn't too fast," doesn't mean it's untrue.

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