Moreover, the U.S. services sector grew last month at its fastest pace based on data released by the Institute for Supply Management. The ISM non-manufacturing index ticked up to 61.6, which represents its highest level since 2008, beating out a poll of economists expecting the index to show 58 for the month of September.

While the markets are expecting third quarter profits to continue their strength from previous quarters, rising yields could be a concern as we head into profit reporting for 2019. Even more important to watch in yields is the velocity at which they are rising.

“When it comes to interest rates, it appears speed defines everything and last week’s 17 (basis point) jump in 10-year yields served as another reminder that speed can kill equity market rallies. We were also reminded of this in February after yields rose at nearly the same pace,” said Craig Johnson, chief market technician at Piper Jaffray. “However, at the risk of using ‘this time it’s different,’ the technical backdrop for rates appears much different when comparing the recent rise in yields to January.”

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