This page focuses on the performance of equities in an environment where government bond yields are rising. The left-hand chart plots US 10-year Treasury yields against the S&P 500, and the grey bars mark the period where yields are rising. As the chart shows, rising yields are not always problematic for equities. That said, the right-hand chart shows how rising yields can impact performance of different sectors beneath the index level. Sectors at the top of the chart tend to outperform the broad S&P 500 index when Treasury yields are rising, and vice versa.