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Rising Bond Yields Snap Tech Rally, Trigger Broad Market Pullback

A sustained climb in U.S. Treasury yields Friday ended a weeks-long rally in equities. Investors dumped semiconductor and other technology stocks after a period of record gains. The shift reflects a broader reassessment of risk appetite as bond markets signal expectations for higher interest rates rather than future cuts. Separately, crude oil advanced on mounting tensions in the Strait of Hormuz, weighing on both equities and fixed income and raising fresh concerns about persistent inflation globally. The pullback comes as the S&P 500's recent advance has relied heavily on a narrow group of stocks, drawing comparisons to concentrated rallies preceding prior market corrections. Market participants are now pricing in rate increases rather than decreases in coming months.