JPMorgan says rising bond yields should not derail global equity rally

JPMorgan remains bullish on global equities despite rising bond yields, arguing that higher yields are being driven primarily by stronger economic growth rather than a destabilizing tightening shock.
The bank says solid earnings and limited tightening risks could broaden the rally beyond AI-focused stocks.
JPMorgan favors cyclical sectors and prefers semiconductors over hyperscalers and more speculative AI exposures.
The view suggests the bank sees higher yields as compatible with further equity gains as long as growth and corporate earnings remain resilient.