Shares of several companies in the broader tech sector, including Amazon.com, Inc. (NASDAQ:AMZN), are trading higher as stocks rebound following a steep selloff over the past month, which was driven by concerns of Fed policy tightening going into 2022.
Shares of several big tech companies have been pressured during the month of January amid a rise in Treasury yields, which has pressured growth stock valuations. The 10-year Treasury yield reached a 2-year high of around 1.8% during the month of January.
