(Bloomberg) -- U.S. stocks were mixed as Treasuries stabilized after a recent spike in yields spurred speculation about excessive optimism among equity investors.The S&P 500 was little changed as gains in commodity producers and banks offset a slide in technology companies. Giants Apple Inc., Microsoft Corp. and Tesla Inc. dragged down the Nasdaq 100, while the Dow Jones Industrial Average outperformed. Bonds wavered. The dollar fell.Bullishness among Wall Street strategists is approaching levels that have already presaged potential trouble for stocks, according to a Bank of America Corp. gauge. The measure assesses the average recommended allocation to equities and is close to triggering a sell signal. Earlier Tuesday, China’s top banking regulator said he’s “very worried” about risks from bubbles in global financial markets.Last week, the correlation between real yields and U.S. equities dropped to its most-negative level in five years. That strong inverse relationship suggests inflation-adjusted Treasury rates have reached a point where further gains could quickly send the S&P 500 lower -- as they feed into steeper borrowing costs and lessen the appeal of other assets. The benchmark gauge of American shares has surged more than 70% from its March 2020 lows.For Bill Northey, senior investment director at U.S. Bank Wealth Management, rising rates are seen as an important element of what’s “giving investors pause at this point in time.” He also said that they’re relevant when it comes to figuring out the appropriate level of valuations against the stream of corporate earnings.“Did we come too far too fast in pricing in a strong economy and corporate earnings recovery?” he noted.There are some key events to watch this week:U.S. Federal Reserve Beige Book is due Wednesday.OPEC+ meeting on output Thursday.U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.These are some of the main moves in markets:StocksThe S&P 500 was little changed as of 1:13 p.m. New York time.The Stoxx Europe 600 Index gained 0.2%.The MSCI Asia Pacific Index fell 0.3%.The MSCI Emerging Market Index decreased 0.1%.CurrenciesThe Bloomberg Dollar Spot Index decreased 0.2%.The euro rose 0.2% to $1.2079.The Japanese yen was little changed at 106.73 per dollar.BondsThe yield on 10-year Treasuries dipped less than one basis point to 1.41%.Germany’s 10-year yield dipped two basis points to -0.35%.Britain’s 10-year yield decreased seven basis points to 0.687%.CommoditiesWest Texas Intermediate crude climbed 0.5% to $60.97 a barrel.Gold rose 0.7% to $1,736.53 an ounce.Silver strengthened 0.7% to $26.75 per ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.