Contradiction: US Treasury sell off and rising SP500. What could it mean?

The dumping of US Treasury seen in the last few days seem to suggest a loss of confidence in the US Treasury as a risk-free asset.

This is to be expected since the Mar A Lago accord suggests converting Treasury into century bonds with significantly lowered borrowing cost to the US but in turn becoming a technical default for all the Treasury holders.

However the resilience in the US stock market seems to suggest investors have faith in the growth of the US economy.

This is a contradiction. How can investors simultaneously have no faith in the US financial system but also have faith at the same time?