Bond yields move relentlessly higher, as Wall Street wonders how much more tech stocks can take

The bond market’s selloff extended into Monday, dashing hopes that last week’s sharp rise in yields was a one-off. Yields move inversely to prices, so the relentless climb reflects investors demanding more compensation to hold fixed income — a repricing that ripples across every asset class.

Tech stocks are particularly sensitive to this shift. Much of their valuation rests on profits expected far in the future, and higher yields reduce what those future cash flows are worth today. That helps explain why growth-heavy indexes have struggled while yield moves dominate the narrative.

What to watch: whether the rise reflects stronger growth expectations or stickier inflation and heavier government borrowing. Those drivers carry different implications for equities. Also watch whether yields stabilize or keep climbing — and whether earnings can still justify stretched valuations if borrowing costs stay elevated.