The 10-year Treasury note is hovering right around a yield of 4% -- the highest level in 10 years. A high risk-free rate means that there is an opportunity cost associated with investing in stocks. The S&P 500 returns around 10% per year (when including dividend reinvestment), but that average includes many down years, flat years, or poor-performing years. Investors looking for a sure bet of 4% rather than dealing with the ebbs and flows of the stock market are favoring Treasury notes over stocks -- a big reason why equity prices are under pressure.

One way of getting the best of both worlds is to find quality high-yield dividend stocks that give you a 4% or higher yield while keeping you invested in the stock market. Phillips 66 (NYSE: PSX), Southern Company (NYSE: SO), and Mativ Holdings (NYSE: MATV) are three high-yield dividend stocks worth considering now, according to three Motley Fool contributors. Here's why.

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