The market's concern about a rotation from the usa stock market to the bond market has not fully materialized. From the movements of various asset classes, it seems that this year is once again one where stocks' roi far exceeds that of fixed income products. Although the usa treasury yield has risen to 4.50%, attracting some bargain buyers, the roi of the bloomberg usa treasury index this year is slightly below 1%, heading towards a record year of weakest positive returns. Meanwhile, the s&p 500 index is expected to achieve double-digit returns for the second consecutive year. This expands the gap between the two indicators and has made their correlation be negative for the longest duration since mid-2023. Of course, as Cameron Crise pointed out, the success of the s&p 500 index this year can largely be attributed to one company — nvidia. If the chip manufacturing giant announces earnings after today's close that fall short of expectations, the s&p 500 index could easily turn on a dime. In that scenario, investors might have more reason to forsake expensive stocks for cheaper bonds. However, the overall momentum still remains bullish for the usa stock market, and even if nvidia's performance is disappointing, it is unlikely to change the advantage of stocks over bonds for most of this year.