The SPY ETF tracks the S&P 500 Index, which includes companies that can be sensitive to changes in interest rates. If long-term yield rates increase, it could lead to higher borrowing costs for these companies, potentially affecting their profitability and thus the value of the SPY ETF. Conversely, if yield rates decrease, it could lower borrowing costs and potentially boost profitability, possibly positively impacting the SPY ETF. However, the exact impact will depend on the specific changes in yield rates and how they compare to market expectations.