Futures contracts, pegged to major U.S. stock indices, traded lower early Friday as the 10-year yield jumped, rekindling fears that rising interest rates could be the comeback of stocks, especially tech names. would affect.

The move comes a day after the S&P 500 closed, when President Joe Biden signed a landmark business stimulus bill.

S&P 500 futures lost 0.6%. The futures for the tech-heavy Nasdaq-100 were down 1.7%. Dow futures fell 20 points, or 0.1%.

The yield on 10-year government bonds bounced back to almost the high level of the year. The last yield was 1.61% and rose by about 8 basis points overnight. (1 basis point corresponds to 0.01%)

A rapid surge in bond yields put pressure on Nasdaq names in early March as investors switched to economically sensitive, cyclical stocks. Large rate hikes can put undue pressure on high-growth technology stocks as they reduce the relative value of future earnings.

That trend appeared to be partially reversed on Thursday as bond yields calmed down. But concern returned on Friday morning.

Tesla and Twitter shares fell in premarket trading. Netflix was also lower.

Ahead of Friday’s open, the Nasdaq was up 3.7% from the week, outperforming both the S&P 500 and the Dow for the period.

U.S. stocks climbed to record highs during Thursday’s regular session as the tech stocks rebound resumed and Biden’s $ 1.9 trillion Covid-19 bailout package became law. The S&P 500 rose 1% to hit a new closing high, beating its previous February 16 record.

“While we expect conditions to remain volatile, recent developments in three of the key market drivers – stimulus, pandemic news and inflation data – point to further rally in equity,” wrote Mark Haefele, chief investment officer at UBS Global Wealth Management .

“The incentive is much bigger than expected at the beginning of the year. The provisions should also provide strong support for consumption and growth,” he added with reference to the incentive. “This coincidence adds to existing signs of pent-up demand from US consumers.”

While the S&P 500 hit a new closing record, the Nasdaq Composite posted the best profit of the day, up 2.5%. Moves that carried this index higher included a 4.7% pop on Tesla and gains of at least 3% on Apple, Facebook, Alphabet and Netflix.

The Nasdaq is fighting its way out of a 10% correction it suffered earlier this month and remains 5.48% below its own record set in February.

On Thursday, there were ample signs that the U.S. economy could be poised for a healthy 2021 after Biden signed his highly anticipated $ 1.9 trillion coronavirus aid package. The plan will send direct payments of up to $ 1,400 to many Americans, as well as allocating nearly $ 20 billion for Covid-19 vaccinations and $ 350 billion for state, local, and tribal government efforts.

Biden announced Thursday evening that he would instruct states to qualify all adults as president for the vaccine by May 1 in his first prime-time address.

Investors also welcomed a slightly better-than-expected reading of weekly unemployment claims, which showed a decline in the number of first-time applicants for unemployment benefits.