Persistent strength in 10 year yield futures signals that long-term borrowing costs will likely stay high. This could keep pressure on equity sectors reliant on leverage, including REITs, private equity-backed firms, and capital-intensive industrials. Shares of UPS have plummeted 34% in 2025, representing a 46-percentage-point underperformance to the benchmark S&P 500. This pessimism is the result of a January announcement that it would be focusing on margin quality over volume moving forward. More specifically, UPS aims to reduce its shipments from the world's No. 1 e-commerce player Amazon by more than 50% come the second-half of 2026. Got a confidential news tip? We want to hear from you. Higher 10 year yield futures tend to drive capital flows into short-duration fixed income, reducing liquidity in high-P/E equity markets. Traders are watching for breakout patterns in treasury futures as a proxy for equity sector rotation timing.