Whenever the 10-year Treasury yield has risen rapidly over the past five years, the Nasdaq 100 has subsequently corrected.

The chart highlights these episodes in 2021, 2022, 2023, 2024, and late 2025.

What matters is not the rate level, but the speed of the move.

Abrupt movements leave no time to reprice long-term cash flows, and the technology index is precisely the one most sensitive to duration.

The yield is back near 5.0%.

Past performance does not guarantee future results, but the relationship is too consistent to ignore.