Higher Real Yields Dim BlackRock’s View of U.S. Stocks

Higher inflation-adjusted yields led Richard Turnill, BlackRock Inc.’s global chief investment strategist, to turn neutral on global, U.S. and European stocks this week. Turnill compared the yield on two-year Treasury Inflation Protected Securities with the S&P 500 Index in a posting Tuesday on BlackRock’s blog. The TIPS yield rebounded by 0.47 percentage point in April and May after falling 1.33 points in the first quarter.