The Nasdaq opened sharply lower Friday morning as the 10-year yield neared its highest level of the year.

The tech-heavy composite dropped over 1.3%, while the S&P 500 declined 0.44%.

The early weakness comes as aggressive selling of longer-dated U.S. Treasurys caused the 10-year yield to rise 7 basis points to 1.6%, which would be its highest close since February 2020. The benchmark yield has recently traded as high as 1.63%.

However, the Dow Jones Industrial Average saw modest gains rising over 100 points or 0.16% led by financials including Goldman Sachs and JPMorgan.

Looking at stocks, high-growth companies including mega-cap technology names like Tesla Inc., Microsoft Corp. and Facebook Inc. were all lower.

Meanwhile, Novavax Inc.’s COVID-19 vaccine was found to be 96% effective against the original version of the virus, according to a U.K. study. However, the vaccine was 86% effective against the U.K. variant and only 55% effective against the South African strand. Shares soared on the developments.

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