Societe Generale strategists, including Manish Kabra, stated in a recent research report that the S&P 500 could fall by more than 20% next year if the 10-year U.S. Treasury yield rises to 6%, Brent crude oil climbs to $150 per barrel, and tech giants continue to face cash flow pressure. Kabra noted that a 5% yield would create valuation headwinds, but a 6% yield would trigger credit events, with all current issues centered on the fiscal stability and debt sustainability of sovereign nations.