Rates are about to hit a key level that could cause trouble for stocks
The 10-year Treasury note yield rises to 2.97 percent, just three basis points below 3 percent.Usually, the S&P 500 takes a leg lower after the 10-year breaks the level. Larry Benedict, CEO of The Opportunistic Trader, says this pattern of stocks falling as the 10-year breaches 3 percent could repeat itself. The benchmark rate has closed above the 3 percent nine times this year.