Momentum Fades. Bonds sometimes get overlooked in the financial markets—and the financial press—but the cost of borrowing is what ultimately makes the economy go round. And when borrowing costs head higher, it’s often unwelcome news. That’s the story for the market right now.

A hot inflation reading last week triggered the latest worries. Consumer prices were up 3.8% in April, as you may recall. Before last Tuesday’s CPI report, the 10-year Treasury yield was at 4.41%. Today, it’s up to 4.67%. A quarter-point increase over five trading days counts as a big move. Across the curve, as they call it, yields are hitting highs. The two-year yield is now 4.12%, its highest level in 15 months. The 30-year is at 5.18%, its highest level since July 2007.

The major stock indexes are feeling the heat, in part because higher rates mean future profits are worth less in today’s dollars. All three major indexes spent the entire trading day in negative territory. The tech and growth-focused Nasdaq Composite fell 0.8%. It’s down 2.9% over the last three trading days.

The S&P 500 slid 0.7% today, while the Dow Jones Industrial Average shed 322 points, or 0.6%.

It’s no coincidence that stocks have lost momentum as earnings season winds down. There are still a few notable reports to come, though, including from the largest company in the world. Nvidia reports tomorrow after the close.

Investors expect huge growth from the company, including a 116% increase in earnings and a 79% jump in revenue. The chip maker will have to do even better to get the stock—and perhaps the rest of the market—moving higher once again.

The Hot Stock: EQT +4.0%
The Biggest Loser: Akamai Technologies -6.3%

Best Sector: Healthcare +1.1%
Worst Sector: Materials -2.3%

A portfolio manager would describe days like these as a stock-picker’s market. As worries mount, investors can’t rely on general sentiment to lift stocks. In that spirit, it was a perfect time for Barron’s latest Energy Roundtable.

My colleague Avi Salzman convened a prominent panel of energy investors and strategists to make sense of the world, which, he writes, “is grappling with the largest energy supply shock ever as the Iran war heads toward a fourth month.”

The result is worth your time—both for understanding the current state of geopolitics (“We are in a cease-fire-with-no-oil purgatory,” says veteran global commodity strategist Helima Croft) and for ways to build your portfolio (The panel offers 11 stock ideas.).

Read the full roundtable here.

Analog Devices, e.l.f. Beauty, Hasbro, Intuit, Lowe’s, Nordson, Nvidia, Target, and TJX Cos. announce earnings tomorrow.

The Federal Open Market Committee releases the minutes from its late-April monetary-policy meeting. At that confab, the FOMC left the federal-funds rate unchanged at 3.50% to 3.75%. It was also Fed Chair Jerome Powell’s last meeting in that role, after having led the central bank for more than eight years.

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