{
  "id": 11923675,
  "title": "Märkte Insight: Der Zinsschock verschont Aktien? Von wegen",
  "url": "https://urgent.news/2026/10/04/markte-insight-der-zinsschock-verschont-aktien-von-wegen",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-04T12:30:00.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/finanzen/anlagestrategie/kolumnen/anleihen-der-zinsschock-verschont-aktien-von-wegen/100257476.html"
  },
  "original_language": "de",
  "account": "Bond yields reached record highs over the past few weeks, while the US benchmark S&P 500 index remained only slightly below its all-time high, according to many analysts and strategists. The primary reasons for this positive trend are strong economic growth and strong earnings expectations. While this is true, investors can already observe the consequences of rising interest rates in specific sectors and industries. The recently concluded third quarter of the year highlights the heterogeneity of the development. In the past seven months, yields on US government bonds increased by more than three-quarters of a percentage point, a level not seen in over 30 years. Meanwhile, the S&P 500 index ended the quarter with a two percent gain. In contrast, the Russell 2000 index of smaller companies lost more than seven percent of its value in the third quarter, with most of the losses occurring in September as bond market yields rose sharply. Kevin Gordon, a market strategist at online broker Charles Schwab, told CNBC that smaller firms might have more difficulty adapting to the Federal Reserve's restrictive stance and the ongoing rise in long-term bond yields. Energy and real estate sectors suffered significantly. Among the S&P 500's 11 sectors, seven ended the period in the red, according to an S&P evaluation. The energy sector, which is particularly sensitive to interest rate changes, lost 12 percent in the quarter. Real estate and basic consumer goods sectors also posted losses in the third quarter. Savita Subramanian, an investment strategist at Bank of America, said defensive stocks and \"bond proxy sectors,\" which are seen as alternatives to bonds due to their reliable dividends, underperformed on average. DZ-Bank analyst Thomas Kulp described the market as being in a \"tension field.\" \"Higher earnings expectations support prices, but rising discount rates reduce the present value of future corporate earnings,\" he explained. At the same time, bonds would become relatively more attractive. These opposing forces explained different developments in stock indices. Kulp noted that sectors like utilities and real estate were under pressure, while tech stocks rose by seven percent in the third quarter. Even though tech stocks are also considered sensitive to interest rates, improved outlooks for future profits have more than offset the negative valuation impact. For investors, the sectoral losses in stocks are painful, but they send a reassuring signal: the market is valuing the interest rate increase without the stock market giving up. More: Bond yields hit multi-year highs – when will bonds compete with stocks?",
  "summary": "Trotz steigender Anleiherenditen erweisen sich die Aktienmärkte als robust. Einzelne Branchen spüren den Zinsanstieg zwar – für Anleger ist das aber eine gute Nachricht, meint Martin Müller.",
  "key_points": [
    "US bond yields hit record highs over past weeks",
    "S&P 500 remained slightly below all-time high",
    "Smaller companies suffered losses in Q3, especially energy sector"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}