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Illustration: Aïda Amer / Axios

The stock market is down significantly, but insofar as that market-reporting cliché the "wave of selling" is anywhere to be seen, it isn't coming from mom-and-pop investors.

By the numbers: As stocks plunged on Monday, more than twice as many Fidelity customers were buyers than sellers.

  • “Customers are using the market volatility to add equities to their portfolio,” Fidelity’s Robert Beauregard told Yahoo Finance

At Vanguard, customers were even more sanguine, with less than 0.3% of retirement accounts making any trades at all in the past month.

Expand chart
Data: FactSet; Chart: Axios Visuals

One reason people rotate into stocks is when they pay out much more in dividends than a Treasury note does in interest payments.

  • That's not normally the case. The dividend yield on the S&P 500 is generally lower than the yield on the 10-year Treasury note because investors expect to make money not only from stock dividends but also from price appreciation.

Earlier this week, however, the dividend yield on the S&P 500, at 2.09%, was more than 4 times the yield on the 10-year Treasury note. That easily marked an all-time high for the ratio.

  • Be smart: There are limits to how informative this ratio can be. If 10-year bond yields head negative, for instance, as they have done in Germany and many other countries around the world, the ratio would first spike up to ∞ and would then go negative itself.

Why it matters: This ratio doesn't help you time the market — stocks can always fall further. But it's easy to see how investors in Treasury bonds might start worrying that their money is no longer working hard for them.

Go deeper: Don't panic about the stock market

Go deeper

9 mins ago - Sports

Minor leaguers' major win

Illustration: Sarah Grillo/Axios

Starting next season, MLB teams will be required to provide housing for minor league players.

Why it matters: "This is a historic victory," Harry Marino, director of the nonprofit Advocates for Minor Leaguers, told ESPN. It's also just the beginning of a fight for improved quality of life.

Poll: U.S. leadership approval rebounds from Trump low

A Gallup report published Tuesday found approval of United States leadership in 46 countries and territories hit 49% — up from 30% at the end of Donald Trump's presidency, and matching former President Obama's first year (2009).

Why it matters: Biden's efforts to reengage with the international community following the Trump administration appear to be improving the global approval ratings for U.S. leadership, though this poll does not take into account the withdrawal from Afghanistan in August.

These technologies could bring America to net zero emissions by 2050

Illustration: Sarah Grillo/Axios

The newest section of a project from Third Way, the Bipartisan Policy Project and Clean Air Task Force examines how energy breakthroughs could accelerate America's transition to reach net zero greenhouse gas emissions by 2050.

Why it matters: The report chapter, provided first to Axios, is part of a broader effort known as the Decarb America Research Initiative, which explores the best ways to move the U.S. toward a net zero carbon emissions future by 2050.