Stocks are falling as the 10-year Treasury yield nears 5%, the level that pressures equity multiples and rate-sensitive corners of the market. The tape stays defensive while the long end keeps grindin

What happened: Stocks fell and the 10-year Treasury yield moved back near 5% after Tuesday's inflation report. One portfolio manager said the Federal Reserve should not raise its benchmark rate another 25 basis points. Key numbers: 10-year Treasury yield near 5%; 25 basis points. Why it matters: The inflation report drove both the equity selloff and the rise in the 10-year yield, and the portfolio manager's comment signals opposition to a further Fed rate increase. Coverage: 5 outlets in 24h

Stocks fell and the 10-year Treasury yield moved back near 5% after Tuesday's inflation report. One portfolio manager said the Federal Reserve should not raise its benchmark rate another 25 basis points.

The inflation report drove both the equity selloff and the rise in the 10-year yield, and the portfolio manager's comment signals opposition to a further Fed rate increase.