Trump's signal that he still wants an Iran deal is good news for markets, but the fast rise in bond yields is a real risk hanging over stocks.

• Trump told reporters he expects more talks with Iran this week, saying Iran wants a deal but not the one he'll accept.
• His framing — the old terms were fine, now he wants more — reads as haggling, not walking away.
• Iran signaled it would let UN nuclear inspectors back in, and the IAEA says it can move fast; Qatar is shuttling between the sides.
• Trump has strong reasons to close a deal: no deal likely means a weaker economy and Republican losses in the election.
• Bond yields are climbing unusually fast, and in past episodes like this something in the financial system usually broke.

Outlook: More talks are expected this week, and a deal would likely lift stocks — but watch for someone blowing up in the bond market first.