US equities show rare negative correlation with 10-year Treasury yield, hitting levels unseen since 1999
US equities have shown a rare negative correlation with the 10-year Treasury yield, reaching levels not seen since 1999. The correlation has dropped to -0.70, indicating that as Treasury yields rise, equities are falling significantly. This shift suggests a fundamental change in how the market perceives risk, with higher yields now viewed as a threat to stock valuations.
- ▪The two-month rolling correlation between the S&P 500 and Treasury yields has plunged to -0.70.
- ▪The 30-day correlation reading has also dropped to -0.68, the weakest in 27 years.
- ▪The 10-year Treasury yield has recently climbed above 4.6%, reaching 4.68%.
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US equities show rare negative correlation with 10-year Treasury yield, hitting levels unseen since 1999 The two-month rolling correlation between the S&P 500 and Treasury yields has plunged to -0.70, a dramatic reversal from the positive relationship seen just months ago. Share Add us on Google by Editorial Team May. 22, 2026 window.sevioads = window.sevioads || []; var sevioads_preferences = []; sevioads_preferences[0] = {}; sevioads_preferences[0].zone = "01f21ccf-2092-46b1-9ac7-8c44cc782e0f"; sevioads_preferences[0].adType = "native"; sevioads_preferences[0].inventoryId = "c5700508-581b-472c-8fdd-a931cdbfc8e1"; sevioads_preferences[0].accountId = "1e47efc1-ec2d-4fca-a8b9-354e249e5095"; sevioads.push(sevioads_preferences); Stocks and bond yields are supposed to move together.
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