The S&P 500 $S&P 500 Index (.SPX.US)$ has seen a sharp fall (of ~27% on average) when the 10-year US Govt' bond yield spiked over the last 3 years - but not always. This illustrates that. If you can get past my doodles, you win
For more  - see Markers suggest a pullback could come  - and if history repeats itself markets could fall 27%. Citi says 10%