Just as Wall Street Piles In, Tech Stocks Face Fresh Rates Storm

Jerome Powell’s latest hawkish missive threatens to open up a new front in the ever-raging battle between tech stocks and Treasury yields — potentially hurting money managers who’ve just plunged back into US megacap companies in droves.

The Nasdaq 100 Index posted its biggest decline since the week ending June 10 after the Federal Reserve Chair touted Friday his iron-clad resolve to hike interest rates into restrictive economic territory to cool inflation at decade highs.