U.S. markets and stock exchange traded funds were mixed Friday as technology stocks regained some of their lost ground.

On Friday, the Invesco QQQ Trust (NASDAQ: QQQ) was up 1.2%, SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) fell 0.7%, and iShares Core S&P 500 ETF (NYSEArca: IVV) was 0.2% higher.

High-flying growth names recouped some of their previous losses as yields on benchmark 10-year Treasury notes hit a one-year high of 1.614% overnight.

“If the interest rates level out here and they stop rising it’s going to be fine but if the trajectory of rates continues to rise at the same rate that creates a problem,” Jamie Cox, managing partner for Harris Financial Group, told Reuters. “This is more of a temporary blip in my opinion on people thinking that there’s going to be some inflationary spike.”

The major indices retreated from their all-time highs last week after a sharp jump in U.S. Treasury yields fueled fears of rising inflation and triggered a selloff in mega-cap technology stocks that have enjoyed a strong rally. Tech stocks are especially sensitive to rising rates since their value are heavily reliant on future earnings with little or no cash today.

Meanwhile, economically sensitive stocks have shined. The Dow Junes Industrial Average enjoyed its best month since November 2020 as investors bought cyclical companies that will benefit from a broad economic recovery.

The next stimulus is also back in focus as the Democratic-controlled U.S. House of Representatives is set to pass President Joe Biden’s $1.9 trillion coronavirus aid package on Friday.

Most investors, though, are focused on the mid- to long-term momentum behind the recovery.

“The fundamental picture is robust. It may even be more robust compared with before” the vaccine rollout, Wei Li, head of investment strategy for BlackRock’s exchange traded fund and index investments for Europe, Middle East and Africa, told the Wall Street Journal. “Once the yield levels stabilize, risk assets could still do well.”

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