Stocks prices and Bond Yields dance in unison
This came back as not surprising. This was a huge day for the recordbook. Rarely have I seen such a strong correlation between yields and stocks prices. Or spoken another way, I have never seen such a strong negative correlation between stock prices and bond prices. Since bond prices are inverse the yield, this tells us the obvious relationship between prices in stocks and bonds.
And today, people are obviously fleeing stocks into bonds. Odds are the route is not over either. The red line is the S&P500 which obviously had a route today. The blue is the treasury yield which is inversely related to the price. See the near perfect correlation.