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It might have to get darker before there’s a dawn for stock-market bulls.

A 7% pullback by the S&P 500 index SPX from its July 31 high has been relatively ordinary, but it’s been accompanied by a rout in the Treasury market that’s sent yields on 10-year notes BX:TMUBMUSD10Y and the 30-year bond BX:TMUBMUSD30Y to 16-year highs.

The stock market…

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