Markets flash amber as they enter '2nd stage of interest rate grief'

The increase in yields comes against a backdrop of stretched valuations on Wall Street, slowing economic growth and falling consumer sentiment. Volatility, while still mostly comatose across a range of asset classes, has shown signs of flickering back to life too. The S&P 500 just had its worst month since March last year.

ORLANDO, Fla.: Rising bond yields are not always bad news for stocks and other "riskier" assets, but the current spike is giving investors justifiable cause for concern as they enter the fourth quarter.

The increase in yields comes against a backdrop of stretched valuations on Wall Street, slowing economic growth and falling consumer sentiment. Volatility, while still mostly comatose across a range of asset classes, has shown signs of flickering back to life too.