Early last week, the stock market faced two days of triple-digit moves, yet in the end, they largely cancelled each other out, leaving the Dow Jones Industrials (DJINDICES:^DJI) almost unchanged. But several dividend giants in the Dow did much worse.

In the following video, Fool contributor Dan Caplinger provides an explanation for why the Dow's dividend stocks underperformed the broader average. Focusing on the impact of the bond market's swoon, Dan notes that high-quality dividend stocks have been extremely popular lately, and their high valuations have left them somewhat vulnerable to turnarounds when conditions warrant. Dan concludes that attentive investors need to keep their eyes on the bond market for clues on where dividend stocks are headed next.

Fool contributor Dan Caplinger has no position in any stocks mentioned. The Motley Fool recommends Procter & Gamble. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.