Last week, we talked about the relative-strength turn towards Technology stocks that started in the middle of May. It just happened to coincide with the decline in the long end of the Treasury yield curve to the downside. If a pop in rates hurts Tech stocks, then a retracement in rates should help the sector. The 10- and 30-year Treasury yields have fallen only two to three basis points over the past month, which is not all that much. But perhaps more importantly, they stopped going up.
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