Stock Market Today: Tech Stocks Lag as Treasury Yields Keep Rising

The 10-year Treasury yield rose for a sixth straight day to hit a new three-year high.

stock market chart
(Image credit: Getty Images)

Tech stocks underperformed in today's session, much as they've done over the last few months.

The technology sector gave back 1.4% as the 10-year Treasury yield climbed 5.2 basis points (a basis point is one-one hundredth of a percentage point) to 2.71% – a level not seen since March 2019. The longer-dated bond yield is up six days in a row amid expectations the Federal Reserve will undergo an aggressive monetary policy tightening campaign with 50-basis-point rate hikes and the sale of $95 billion in assets each month.

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Karee Venema
Senior Investing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.