Overnight, the 10-year U.S. Treasury yield hit a 24-year high this week, briefly surpassing 5.36% intraday before closing at 5.276%. Against this backdrop, the S&P 500's forward P/E ratio contracted from 22.2x at the beginning of the year to approximately 19.3x. However, due to simultaneously strong earnings expectations, the index itself did not experience a significant decline. Bob Doll, Chief Investment Officer at Crossmark Global Investments, stated that rising interest rates have had a tremendous impact on the stock market, but this has been masked by impressive earnings performance.