Tech stocks are getting walloped for a 2nd-straight day

Markets Insider

• Stocks fell in early trading on Wednesday, with tech stocks among the worst performers once again.
• Twitter reversed a premarket surge after it reported its second-ever profitable quarter.
• The sell-off continued as the 10-year yield traded above 3%.

Stocks are weaker for a second straight day on Wednesday, with tech companies once again among the biggest losers in the market.

The sell-off extended with the 10-year yield up three basis points at 3.013%. The closely watched benchmark of borrowing costs rose above 3% on Tuesday for the first time since 2014.

Even with relatively strong earnings results announced so far, investors are concerned about the impact that higher interest rates would have on the economy.

Caterpillar also gave investors reason to question the global economy's strength, after the bellweather said Tuesday that its first-quarter profits were a "high watermark" for the year.

The most notable tech mover on Wednesday was Twitter, which reversed premarket gains and fell by as much as 6% even after reporting its second-ever quarterly profit that topped analysts' expectations.

Snap fell 7% after the company confirmed it was testing a rollback of its controversial redesign that separated celebrity and friends' stories.

At 10:13 a.m. ET, the Nasdaq was down 53 points, or 0.8%, the Dow Jones industrial average was down 122 points (0.5%), and the S&P 500 was down 14 points (0.5%).