Rising Treasury Yields and Elevated Oil Compound a Brutal Tech Rout as Defensive Rotation Accelerates
The Nasdaq plunged 2.01% while the S&P 500 shed 1.51% as the VIX surged to 26.78, with 10-year Treasury yields climbing to 4.39% and WTI crude holding near $98. Financials stood as the lone green sector while technology and utilities bore the heaviest losses in a decisive risk-off rotation.