Bond yields struck high flying stocks of 2021

U.S. stocks stumbled Tuesday, logging their sharpest pullback since May 2021, as rising bond yields impacted shares of technology companies.
A number of stocks were hit hard including Moderna, Nvidia and Google holding company Alphabet.
Shares of Moderna were down nearly 7% in mid-day trading session. The Federal Reserve’s signaled policy change is having a expected impact as it is pushing stock prices lower as bond yields become more attractive.
For much of the past decade, many investors had piled shares of fast growing technology companies because they would relatively deliver robust profit growth even in a slow economic environment. This week, that trade hit a barrier.