Surprise, surprise. Not. The bond market is turning up the heat on stocks again.After a short breather earlier in the day, 10-year Treasury yields have surged to 5.33% now - touching their highest level since 2007. And the pressure is starting to show more clearly across equities.S&P 500 futures are now down 0.1%, having been up as much as 0.5% earlier in the session. Meanwhile, Nasdaq futures are still holding onto a 0.4% gain but that is well off the earlier 1.1% advance. Over in Europe, the selling is more pronounced with Germany's DAX now down 1.3% and France's CAC 40 now down 1.6%.But for me, the fading gains in US futures is the more telling part.Equities had initially been able to look past the rise in yields, helped in part by continued optimism surrounding the AI and tech story after Micron's earnings beat yesterday. However, there comes a point where the bond market simply becomes too difficult to ignore.And we're seeing that again as yields shoot up to 5.33% after having eased slightly to 5.27% earlier in the day.The problem for broader markets is not just the headline level. It is that Treasury yields have been pushing higher at a relentless pace as markets grapple with the macro backdrop of persistent inflation risks, elevated energy prices and the possibility that stronger growth keeps interest rates higher for longer.That leaves equities facing the same uncomfortable question as it did for most of September. That being how much further can yields rise before something gives?For now, tech shares are still managing to show some resilience. But for everything else, today's price action is another reminder that the bond market remains firmly in the driver's seat. This article was written by Justin Low at investinglive.com.