Midcaps slide as oil and yields climb; US10Y breaks multi-year triangle

Equity markets, particularly midcaps, are declining as rising oil prices and higher bond yields pressure valuations. The US 10-year yield has broken out of a multi-year triangle and is approaching multi-year highs, signaling a potential regime shift in rates. The move suggests markets are repricing inflation and growth expectations, with midcaps most exposed to higher discount rates.