The ProShares UltraPro Short QQQ ETF (SQQQ) closed down 1.68% at $28.70 on January 21, as the Nasdaq-100 index rose by 0.58% to 21,566.51, driven by a positive market response to declining bond yields. The recent light CPI report has led to a drop in yields, which in turn has bolstered equity markets, particularly tech stocks, as investors anticipate a more favorable interest rate environment. This inverse relationship between bond yields and stock performance has been a key driver, with the Nasdaq-100 benefiting from the lower rates. Morgan Stanley's analysis highlights that the direction of U.S. equities is closely tied to the path of back-end rates and the term premium, suggesting that until the 10-year yield falls sustainably below 4.50%, this dynamic will persist.