Investing.com– U.S. stocks fell sharply on Friday, with tech stocks leading the selloff, pressured by jump in Treasury yields.

At 12:59 p.m. ET (17:59 GMT fell 1.5% the fell 2%. The fell 1.1%, or 491 points.

Wall St slumps as tech pressured by higher treasury yields

Apple Inc (NASDAQ:) fell nearly 2%, a day after hitting a record high higher following an upgrade from tech-bull Wedbush on Thursday. 

Tesla Inc (NASDAQ:) stock fell 4.6%, while market darling NVIDIA Corporation (NASDAQ:) edged 2.9% lower.

Alphabet (NASDAQ:) fell more than 2% amid a major rout in tech.

The move lower in tech following a jump in the benchmark , which reached 4.64% earlier—its highest level since early May amid expectations for more hawkish Federal Reserve in 2025 amid inflation concerns.

“The rise in long-term yields mostly reflects a stronger growth outlook but could also signal concerns about inflation and the federal budget deficit,” DA Davidson said in a recent note. 

Rising yields translate into increased borrowing costs, which can constrain spending on innovation and expansion, further squeezing profit margins.

Microstrategy leads crypto stocks lower as gives up gains

MicroStrategy Incorporated (NASDAQ:) fell more than 3% after giving up early-day gains to lead crypto-related stocks including Coinbase Global Inc (NASDAQ:) lower. .

The slump followed struggles to its gains after topping $97,000.