Shares of technology companies fell sharply as traders adjusted expectations for interest rates based on hotter-than-anticipated inflation data.

The tech sector has a rough inverse correlation to movements in Treasury yields because many portfolio-allocation systems take into account the "risk-free rate of return" to help determine allocations to the highest risk niches like the tech sector.

Shopify shares plunged after the provider of software to online retailers posted quarterly expenses above Wall Street targets.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

02-13-24 1733ET