The relationship between stocks and bonds has completely flipped. The 90-day correlation between the 10Y Treasury Yield and the S&P 500 is now at -0.48, its most negative reading since 1999. That means rising Treasury yields have recently been tied to weaker stock performance, while falling yields have helped equities. The current reading is even more negative than the 2022 bear market low of -0.42. For context, before the 2020 pandemic, the correlation was positive for over a decade, with Treasury yields and equities often rising together as higher yields reflected stronger economic growth. Right now, the negative correlation suggests investors are treating higher yields less as a sign of economic strength and more as a result of inflation uncertainty and fiscal concerns. $SPDR S&P 500 ETF Trust(SPY)$  $Nextpower(NXT)$  $Viking Therapeutics(VKTX)$  $KLA Corporation(KLAC)$