(https://www.cnbc.com/2026/07/27/bond-market-flashing-a-warning-signal-for-stocks.html) for equities, and the math is asymmetric. The 10Y-2Y spread sits at 36bp — technically normal — but the terminal rate environment at 5.3% is creating structural headwinds for mega-cap valuations. Microsoft trades at $381.70 with $82.9B in revenue and a , while Oracle sits at $114.99 with $67.4B in revenue and a 25.4% net margin.

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