Nasdaq falls 3% as jump in bond yields hurts technology stocks

Getty Images / Bryan R. SmithInflation concerns and a spike in interest rates led to technology stocks crumbling on Thursday.The Nasdaq 100 fell 3% as the 10-year US Treasury yield hit a new cycle-high of 1.75%.The market continues to ignore the reassurances made by Fed Chairman Jerome Powell.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.A decline in US stocks on Thursday was led by the Nasdaq 100, which fell 3% following a surge in interest rates.The 10-year US Treasu