Stocks falling and oil rallying aren't necessarily exclusive.
Oil has made an impressive rebound with WTI crude oil up to $112.45 from a low of $108.65 just a few hours ago.
The S&P 500 was able to shrug off higher yields impressively -- as it has all week -- but with rates staying high and now oil rallying, it's a tough backdrop. The S&P 500 is down 8 points to 4512 from a high of 4546. The Nasdaq is much softer and now down 1%.
This is the trigger for the rally in oil: