U.S. markets and stock exchange traded funds rose Monday, with the previously downtrodden technology and growth segments leading the charge.

On Monday, the Invesco QQQ Trust (NASDAQ: QQQ) was up 2.3%, SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) gained 0.4%, and iShares Core S&P 500 ETF (NYSEArca: IVV) was 1.0% higher.

A sharp jump in Treasury yields since mid-February has steered equity markets, weighing on high-flying growth stocks like tech names and lifting the value style along the way.

“The market is trying to digest what’s going on in the bond market,” Jake Wujastyk, chief market analyst and founding member of TrendSpider, told Reuters. “The technology stocks are pretty beaten down and it’s not shocking to see those rebounding a little bit from their lows.”

While the tech-heavy Nasdaq is still trading below its peak, both the S&P 500 and Dow Jones Industrial Average hit all-time highs last week on rising bets that the aggressive stimulus measure and accelerating vaccine distributions will support a broader U.S. economic recovery.

Many investors remain wary of bond yields pushing higher as the economic recovery gains momentum.

Nevertheless, Edward Smith, head of asset allocation research at U.K. investment firm Rathbone Investment Management, argued that investors shouldn’t completely ignore the tech space as big tech names have proven to be resilient in times of rising Treasury yields, the Wall Street Journal reports.

“There is more upside for U.S. bond yields than there is downside,” Smith told the WSJ. Stocks “that delivered exceptional returns last year are probably not going do so well for now.”

The Federal Reserve has so far indicated that it is not concerned about the recent spike in bond yields and has reaffirmed its intent to maintain accommodative measures to support the nascent recovery.

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