🔴 Tech ETF (XLK) is trading 1.7% down in pre-market after Treasury yields climbed sharply

XLK is trading at $187.17, down 1.66% from the August 17 close of $190.32, as sharply higher Treasury yields weighed on long-duration technology valuations.

• The 30-year Treasury yield reached 5.321%, while the 10-year yield hit 4.724%.
• Rising oil prices and the expiration of the U.S.–Iran ceasefire added risk aversion.
• Technology underperformed broader sectors, while August 18 economic data remained ahead.