Which stocks performed a<米10年債利回りが急上昇> retrograde rise during the previous “long-term interest rate rise/stock depreciation”?

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US 10-year bond yields have risen sharply since the beginning of AprilThen,Stock price weightIt has become. The background is a decline in expectations for early US interest rate cuts and economic indicators that are better than expected.The last time stocks depreciated due to a sharp rise in long-term US interest rates was from mid-July to the end of October 2023becomes.

At that time, policy interest ratesConcerns about “higher for longer” (higher for longer)was getting stronger.Similar to the situation underfootMaybe. So this time,Retrograde stocks at the timeI decided to check it out. Specific stocks also reflect concerns about inflation against the backdrop of high resources at the time,Domestic demand-related stocks such as resource-related stocks, defensive stocks, and healthcare stood out。

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★ Long-term US interest rates have risen rapidly, putting a heavy weight on stock prices
The yield on 10-year US bonds has risen sharply since the beginning of AprilI'm doing it. At one point it rose to 4.66%,Momentum approaching the 5% rangeIt's there. As a background,Examples include a decline in expectations for early US interest rate cuts and economic indicators that are better than expected. Disgusted by the rapid rise in long-term interest rates,Major stock indices will be adjusted from the beginning of AprilThe color is being strengthened.

★ Which stocks had a retrograde appreciation during the long-term interest rate hike+index decline from 2023/7/10?
From mid-July to the end of October 2023(The yellow one in the chartdotted lineTo the part surrounded by)Long-term interest rates are in the 4% range to the 5% rangeWhen it soared, the S&P 500 index and the Nasdaq 100Both indices have been greatly adjustedI did it. At that time, along with the decline in expectations for early interest rate cuts in the US, policy interest rates“Higher for Longer”I was warned that it would become.Legs are also “Higher for Longer”Based on the fact that vigilance against this is getting stronger, it may be necessary to be vigilant when long-term interest rates rise even higher and risk avoidance associated with it.

From mid-July to the end of October 2023, among the major index constituent stocks,Stocks that have experienced a retrograde appreciationThere were 8 stocks (out of 30 stocks) in the NY Dow Index, 22 stocks (out of 500 stocks, market capitalization of 200 billion dollars or more) in the S&P 500 index, and 28 stocks (100 stocks) in the NASDAQ 100 Index. In the meantime,Since there were many stocks that remained slightly higher, we listed stocks with an increase rate of 5% or moreI did it.

[Reference] In the first place, why do stock prices fall easily when long-term interest rates rise rapidly?
A sharp rise in long-term interest rates is likely to put downward pressure on stock prices from the following two aspects.

1) Impact on the attractiveness of stocks compared to bonds: When long-term interest rates rise rapidly, yield spreads that deduct stock return (inverse of predicted PER (price-earnings ratio)) from that long-term interest rate rise rapidly. Yield spread is an index that measures the relative valuation of bonds and stocks, and the larger it is, the easier it is to be judged that stocks are expensive compared to bonds.

2) Impact on the present value of a company's future profits: In theory, stock prices are calculated by dividing the number of issued shares from the current value (total) of profits generated by a company in the future. Long-term interest rates are included in the discount rate used when discounting future profits to present value. It is an estimate that when long-term interest rates rise, the discount rate increases, and the current value decreases. In other words, theoretical stock prices fall. Growth stocks, in particular, have many parts where future profits are expected, and this is why they tend to be particularly sensitive to rising interest rates.