Long-Term Treasury Yields Hit Multi-Decade Highs as Stocks Keep Climbing

The 30-year Treasury yield hit 4.747% on July 31, 2026—its highest since the mid-2000s, per Reuters. Meanwhile, the S&P 500 closed at a record on August 13, and the Dow crossed 49,000 in January. Long-term borrowing costs (the yield, or annual return, on government debt) are at multi-decade highs while equities keep rising. That divergence is the regime worth watching.