Stocks are ‘extraordinarily vulnerable’ if this happens, says Peter Boockvar

Stock prices look "extraordinarily vulnerable" if the recent uptick in long-term U.S. Treasury yields turns out to be a turning point for government bonds, Peter Boockvar, chief market analyst at The Lindsey Group, said Monday.

Markets remained under pressure after selling off on Friday following hawkish comments on interest rates from Boston Federal Reserve President Eric Rosengren and the announcement of a surprise speech by Fed Governor Lael Brainard, a noted dove. Investors fear the Fed could be deploying Brainard to signal it will raise interest rates at its policy-setting committee next week.

But Boockvar said the most noteworthy development in the last few days has been the rise of...