Look closer, and Wall Street’s rally is showing cracks

AI Summary

Wall Street’s major stock indexes are near record highs, but there are underlying market weaknesses caused by elevated oil prices, rising Treasury yields, and anticipation of further Federal Reserve interest rate hikes. These strains suggest caution despite apparent market strength.

Major stock indexes hovering near records are masking a market straining under elevated oil prices, rising Treasury yields and a Federal Reserve bracing for additional interest-rate hikes.