Yields are breaking out with the 10-year note rising above 4%, which is weighing down Technology. Hawkish comments from Federal Reserve speakers and stronger-than-expected economic data have increased expectations for higher rates. According to the CME FedWatch Tool, the probability of a 50-basis-point hike is now 33.6%, up 27% from a week ago.

Weak leadership from mega-cap Amazon (AMZN) and Tesla (TSLA) are adding pressure to Consumer Discretionary, making it the worst performer this afternoon.

Very intriguing breadth this afternoon, Up/Down volume on Nasdaq is positive by quite a bit.

More earnings after the bell, with Costco (COST) reporting. Investors will be eyeing near-term guidance, especially after cautious guidance from Walmart (WMT) last week.