the 10 year is maybe the best indicator of investor confidence. high and confidence is low. low and confidence is high. it's the safest investment out there because it's backed by the gov.
Long and only a part I know about a lot: the S&P has a yield of like 1.48%. big money holders who need that yield put it wherever it's safest and biggest. like insurance carriers don't normally try to make giant money off you paying your insurance and them paying you back less than that amount. they try to make a little bit there after expenses but not a ton because they wouldn't be able to sell insurance. they basically plan for that to equal out and them to have yield on the money of yours they hold. and banks hold a ton of money. checking accounts, savings accounts, CDs, any number of other things. they want that yield too because they make money on that. these giant holders aren't buying PLTR and ARK funds and crap. they need essentially guaranteed returns. when treasuries cross over what the S&P is returning that now is a huge incentive to take that safe money v. the roller coaster ride the S&P has been.
inflation is a reason treasuries would rise but has less to do with equities falling. the equity market is arguably a good place to be in a high inflation environment.