Bond yields continue to march higher Monday in the wake of jobs data that suggest the Federal Reserve might make little, if any, change to policy rates this year. The 10- and 30-year yield each closed Friday at their highest levels since Nov. 1, 2023, according to Dow Jones Market Data.

After two years of exceptional stock returns, what does history tell us about what to expect ahead? Looking at the long-term returns and earnings can provide insights.