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

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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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