A rally in the 10-year Treasury note, driving yields lower, Tuesday is implying that investors are picking up long-dated bonds, perceived as havens, in favor of stocks. The 10-year Treasury yield TMUBMUSD10Y, 0.674% hit a nadir around 2.79% during Tuesday's action, representing the lowest closing yield since Feb. 6, according to WSJ Market Data Group (based on 3 p.m. ET closes). Bond prices rise as yields fall. Bond buying comes even as the market has been digesting some $300 billion in issuance slated for this holiday-shortened week for the fixed-income market, with Good Friday marking a holiday for the market. More issuance should drive yields higher, in theory. Meanwhile, the equity benchmarks unraveled, notably the Nasdaq Composite Index COMP, +1.71% ended the day off 2.9%, cutting deeply into the technology-laden index's 3.3% return on Monday. The S&P 500 index SPX, +1.05% closed down 1.7% at 2,612, while the Dow Jones Industrial Average DJIA, +0.51% , made up of 30 components, ended down 1.4%, led by sharp slumps in shares of Apple Inc. AAPL, +1.57% and Microsoft Inc. MSFT, +2.40% . Much of Monday's rise was attributed to a lessening of worries around trade conflicts between the U.S. and China, but Tuesday's trade suggests that investors are more eager to buy long-dated bond than make a definitive wager on another blockbuster day for technology shares and the broader stock market, considered risky, after the Dow's 670-point surge a day earlier.