Tech leads a mixed tape lower as oil and yields rise

The big picture. The S&P 500 falls 0.5% to 7,765.4, while the Nasdaq Composite drops 1.3% to 27,193.3. The Dow edges up 0.1% and the Russell 2000 inches higher by 0.03%, so the day is more rotation than selloff.

Sector action is split. Energy rises 3.0% and Staples gain 2.1%, while Tech drops 1.8%. Financials add 0.9% and Communication Services rise 0.7%, but Health slips 0.4% and Utilities fall 0.2%.

Treasury yields remain a pressure point, with the 10-year at 5.231% and the 30-year at 5.606%. CNBC says yields are still 'really, really high' even after easing from recent multiyear highs.

Crypto trades lower in a broad pullback. Bitcoin drops 1.8% to $81,777, Ethereum falls 3.7% to $2,478.1, and the total crypto market cap slides 4.8% to $2.8T.