Tech Stocks Slide Amid Inflation Concerns and Surging Oil Prices

A sharp increase in benchmark Treasury yields and surging crude oil prices led to renewed concerns over inflation, causing several stocks to fall in the afternoon session.

The 10-year U.S. Treasury yield rose to a 20-month high near 4.79% after U.S.-Iran strikes around the Strait of Hormuz, according to CNBC.

The higher long-end yield and oil prices lifted borrowing costs, affecting stocks such as HubSpot (NYSE:HUBS), Intuit (NASDAQ:INTU), Asana (NYSE:ASAN), Snowflake (NYSE:SNOW), and Atlassian (NASDAQ:TEAM), which fell 3.8%, 4.1%, 4.5%, 3.7%, and 3.6% respectively.

Asana's shares have been particularly volatile, with 44 moves greater than 5% over the last year, but the market considers this news meaningful without fundamentally changing its perception of the business.