The Nasdaq-100 (QQQ) is down over 2% today as rising U.S. Treasury yields and heightened geopolitical tensions in the Middle East are prompting a risk-off sentiment in the market. Technology and other growth-oriented sectors are particularly sensitive to higher interest rates, which can discount the value of their future earnings. The sell-off is broad, but has a notable impact on mega-cap tech and semiconductor stocks, with concerns over high valuations in the AI sector also contributing to the decline.