Now is not the time for investors to load up on shares of Dow and LyondellBasell as commodity chemical prices face a short-term decline, JPMorgan Chase says. “Lyondell and Dow are probably not the best places to put new money to work,” wrote analyst Jeffrey Zekauskas in a note to clients Friday. “The direction of shorter-term commodity chemical prices and volumes is decidedly lower. The market will probably have difficulty calibrating the degree of EBITDA weakness the companies are likely to experience in the context of a slowing global economy with rising interest rates.” The analyst downgraded shares of both companies to neutral from overweight. While both names boast strong dividends, good balance sheets and should deliver strong cash flow yields ahead, investors are too busy chasing rising bond yields in the Treasury markets, Zekauskas wrote. Earlier this week, the yield on the 2-year Treasury note hit more than double the dividend yield of the S & P 500 , according to data from Bespoke Investment Group . Bond yields have been on a tear in recent days, with the yield on the 2-year Treasury note marching above 3.5% on Thursday and hitting its highest level since November 2007. Shares of both Dow and Lyondell have slipped at least 11% since the beginning of the year, with JPMorgan’s price targets suggesting both stocks could move marginally lower in the near term from Thursday’s close. “Both Lyondell and Dow, in our opinion, reflect good value that is unlikely to be recognized shorter-term against a background of negative shorter-term earnings momentum,” Zekauskas said. — CNBC’s Michael Bloom contributed reporting