Markets fell on Tuesday.
The S&P 500 fell 1.5 percent while the STOXX Europe 600 fell 1 percent.
US 10-year Treasury yields rose six basis points to 1.73 percent while 10-year German bund yields rose three basis points to 0.07 percent.
Stocks and bonds are vulnerable because fund managers think both are overvalued, based on a survey by Bank of America Merrill Lynch.
Oil also declined on Tuesday. West Texas Intermediate crude fell 3 percent after the International Energy Agency said that world stockpiles of oil will continue to accumulate through 2017, a fourth consecutive year of oversupply.