There has always been a battle between fixed income assets and stocks for the invested dollar. When bond yields rise, this less risky asset becomes more attractive and when they fall stock assets are more attractive. In recent years, when interest rates were and still are so very low and bond yields shrank to unheard of numbers, investors flooded into the stock market. Those individuals that were content with income coming from bonds and CDs moved out those conservative plays and into the risky but rising stock market.
With the FED raising interest rates, moving from zero on the FED fund rate to 2% over the last couple of years, and threatening to go higher, the invested dollar will migrate out of stocks. When and how much is impossible to say but the impact will be felt in all asset classes.