7 stocks are holding up the U.S. market. Here is why they may soon fall back to earth.

Something unusual is happening in the U.S. stock market, and it’s making one prominent Wall Street economist nervous.

But according to Torsten Slok, chief economist at Apollo Global Management, valuations for the top seven stocks in the S&P 500 have become so out of whack compared with the level of Treasury debt yields that a powerful correction is nearly guaranteed, barring a substantial decline in yields. Perhaps more surprising is the fact that valuations have soared even as yields have marched higher. This would seem to defy a common truism about equity-market valuations.

Whatever the reason, Slok expects the divergence between technology stocks and Treasury yields will soon close, potentially kicking away the last leg supporting the market.

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