Wall Street shares concluded a vacation-shortened week Thursday on a weak note, with tech shares diving amid issues over better interest quotes.

The yield on the 10-12 months US Treasury note surged above 2.8 percent, resuming an upward climb after Wednesday’s pullback helped boost shares. Treasury yields are visible as a proxy for interest charges.

“Right now, we’re tied to this correlation between rising yields and falling tech shares,” said Art Hogan, strategist at National Securities.

Tech shares typically react more negatively to higher interest rates because they rely more on debt compared with companies in other sectors.

Concerns about higher yields due to tightening Federal Reserve policy overshadowed a report showing weaker-than-expected retail sales growth in March and mixed earnings from large banks.

The broad-based S&P 500 finished at 4,392.59, down 1.2 percent for the session and 2.1 percent for the week.

The Dow Jones Industrial Average dipped 0.3 percent to 34,451.23, while the tech-rich Nasdaq Composite Index slumped 2.1 percent to 13,351.08.

Among individual companies, Twitter fell 1.5 percent as Tesla Chief Executive Elon Musk, who owns 9.2 percent of the social media company, launched a hostile $43 billion takeover bid for the company.

The flow follows Musk’s complaint of the platform. Some analysts expressed skepticism approximately the bid, noting Musk’s history of outrageous and unpredictable behavior.

Large banks were combined following a deluge of earnings, with executives describing the USA financial system as in solid circumstance, but caution of uncertainty over the Ukraine invasion, inflation and transferring economic coverage.

Citigroup won 1.6 percent, whilst Goldman Sachs dipped 0.1 percentage and Wells Fargo tumbled 4.5 percentage.