Yields keep rising, Novo's tough week, why cat product sales are surging and more in Morning Squawk

Yields keep rising, Novo's tough week, why cat product sales are surging and more in Morning Squawk

Treasury yields took center stage on Wall Street this week as they rocketed to highs not seen in decades.

Now, traders are assessing what the moves mean for a swath of assets and wondering whether yields' rapid climb is an omen that something could break in the market.

Here's the latest:

The 30-year Treasury yield hit its highest level since 2004 yesterday.

The 10-year note also continued to rise, building on its biggest single-day jump in over a year.

History shows that a sharp upswing in yields should be just as concerning for investors as any multiyear highs.

As one analyst told CNBC, "We should be prepared or forewarned that rates are rising and something is going to break."

CNBC's Matt Peterson writes that rising yields are offering a reality check for the U.S., as it grapples with persistent inflation and a growing debt pile.

They're also exposing the tension between Federal Reserve Chairman Kevin Warsh and Treasury Secretary Scott Bessent.

The average rate on the 30-year fixed mortgage jumped to 7.45% yesterday, according to Mortgage News Daily.

Experts warn that increasing yields will also lead to higher car loan interest rates.

Despite pressure from the Treasury market, the S&P 500 is still on track to post its first winning week in three.

The Dow Jones Industrial Average, meanwhile, is set to log its fourth straight week of losses.

The Senate voted down a resolution that would have called for an end to the Iran war by a razor-thin margin yesterday.

All but four Republican senators voted against the measure, even as the GOP grapples with concerns that the conflict — and its effect on energy prices — could hinder its candidates' chances in the midterm elections.

The largest U.S. business groups this week cautioned Trump against a diesel export ban, which the president has said he's pushed for amid the run-up in energy costs.

Industry members have warned that such a move could ultimately raise diesel costs.

Meanwhile, oil prices are lower this morning after Iranian state media reported that Tehran's Foreign Minister, Abbas Araghchi, said the country would reopen the Strait of Hormuz within seven days "if certain conditions are met."

Novo gave a look into its plan to fuel growth beyond its blockbuster weight loss drugs this week.

But as CNBC's Annika Kim Constantino and Elsa Ohlen write, the drugmaker still has work to do to convince investors it can hold its own as Eli Lilly chips away at the Danish drugmaker's market share.

The drugmaker enjoyed an early lead in the oral weight loss market, thanks to its Wegovy pill, but Lilly CEO Dave Ricks told CNBC earlier this week that one-third of new GLP-1 patients are taking its Foundayo pill.

Novo on Monday assured investors t...