BlackRock, the world’s largest asset manager, has revised its stance on bonds for the first time in six years, simultaneously lowering its rating on U.S. stocks. The quarterly earnings season kicks off on Tuesday with major banks in focus, but the technology sector is stealing the spotlight as it continues to sell off following a slump in Korean chip stocks. The S&P 500, now in its fourth year of a bull market, has gained 14% year-to-date, with most of that rally occurring in the spring. Treasury yields are holding at two-decade highs across the entire maturity curve.
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