Treasury yields spike to highest in 14 months, pulling tech stocks down while boosting banks

Fed Chairman Jerome Powell.
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The 10-year Treasury yield pushed past 1.7% on Thursday, marking a fresh 14-month high for the benchmark note.The 30-year yield also made a notable move by rising to 2.5% for the first time in more than a year.Tech stocks were losing ground but bank shares advanced on the back of richer yields.See more stories on Insider's business page.
Borrowing costs quickly picked up pace Thursday as the benchmark 10-year Treasury note yield surged to a fresh 14