30-Year Treasury Yield Hits 4.747%—Highest Since Mid-2000s—While Stocks Set Records

The 30-year Treasury yield reached 4.747% on July 31, 2026, its highest level since the mid-2000s, per Reuters. Yet the S&P 500 closed at a record high on August 13, and the Dow crossed 49,000 in January. Long-term borrowing costs are at multi-decade highs while equities keep climbing. That divergence is the regime worth watching.