The Globe and Mail reports in its Wednesday edition that surging U.S. Treasury yields are sending shudders through riskier areas of the market, leaving investors to wonder how badly it will dent a rally that has lifted everything from stocks to bitcoin this year. A Reuters dispatch to The Globe says that strong economic growth has spurred expectations that the Federal Reserve will leave rates higher for longer. That climb has made them harder to ignore for holders of stocks and other speculative assets, which have rallied for most of the year even as yields moved steadily higher. The S&P 500 has lost 4 per cent this month as the U.S. benchmark 10-year Treasury yield climbed to a more than 15-year high of 4.35 per cent on Monday. Meanwhile, the S&P 500 tech sector has dropped 5.7 per cent. Still, the S&P 500 is up 14.6 per cent year-to-date. Goldman Sachs said equity holdings by retail and institutional investors are below their historic norms, suggesting there may be additional fuel left to power the bull market if the economy stays strong. "Should the U.S. economy continue on its path to a soft landing, we believe the recent decrease in [equity exposure] will be short-lived," the firm's strategists wrote.