0555 GMT - Rising oil and bond yields often go hand in hand with higher prices and "inflation remains in the driver's seat for stocks," says Kevin Gordon at Schwab Center for Financial Research. Bond yields and stocks now have the most negative correlation since 1997, meaning when one goes up the other goes down, according to the head of macro research and strategy. "This implies that the bond market is keying more off inflation data than growth data, giving inflation the upper hand when it comes to equities," he says in a note. Gordon adds that there is growing concern about the Federal Reserve hiking rates before year-end.