Stocks mixed: Apple and Nvidia lead Nasdaq down, 10-year Treasury dips, oil and bitcoin up

Technology stocks are specifically coming under pressure today. The NASDAQ composite down about 2% to unwind most of its gains from yesterday. And the heavily-weighted index component $Apple (AAPL.US)$ is one of the major decliners. We're seeing those shares down more than 3.2% this afternoon after an almost 3% jump yesterday. And we're still on watch for Apple to hit that $3 trillion mark on its market capitalization after hitting a record intraday high just earlier this week on Monday.

It looks like that new milestone may not be coming today, given this stock drop, and since we would need to see $Apple (AAPL.US)$ shares hit that magic number of $182.85 to hit that $3 trillion valuation.

But other software stocks are also coming under pressure this afternoon. Adobe shares are down after the company projected first quarter and full-year revenue that missed Wall Street's expectations. It's also been trailing the broader market so far this year to date, as investors have continued to rotate away from tech and growth names.

Meanwhile, $NVIDIA (NVDA.US)$ which had been one of the big leaders in the tech and semiconductor space this year, also unwinding gains for the year to date today, down about 6% after doubling so far this year.

Now, interestingly enough, all of these moves lower in tech names are coming even as we're seeing Treasury yields mostly moving lower. The benchmark 10-year yield is down just about 4 basis points here, trading above 1.4%, or rather yielding above 1.4%. And usually when we see a move lower in yields, we do tend to see a move higher in tech stocks. Clearly not what we're seeing today, although we did have a market move higher in Treasury yields yesterday immediately following the Fed decision.

We can also see these tech names getting hit on a sector basis in the S&P 500, where information technology and consumer discretionary sectors are the laggards, whereas the cyclical energy, financials, and materials sectors are outperforming.

And finally, guys, do want to note that we're seeing a bigger risk-on move in other asset classes this afternoon, specifically West Texas Intermediate crude oil prices are moving higher by more than 2% to trade above that $72 a barrel mark. And Bitcoin is also extending yesterday's gains post-Fed decision to rise above $48,000. Guys?