Nasdaq and S&P 500 slide as higher yields hit growth, technology stocks

The Dow Jones Industrial Average was up 11.89 points, or 0.03%, at 34,595.46, the S&P 500 was down 17.23 points, or 0.38%, at 4,482.98

The Nasdaq and the S&P 500 fell on Friday, dragged down by growth and technology stocks as US Treasury yields surged at the end of a volatile week marked by concerns around aggressive moves by the Federal Reserve to tame inflation.

Technology stocks led losses among the 11 major S&P 500 sectors, falling 1.2%, to extend this week's decline due to a surge in yields as investors focused on the pace and scope of the Fed's plans to reduce its balance sheet.

Shares in Tesla Inc, Nvidia Corp and Microsoft Corp fell between 1.1% and 3.9% as the benchmark 10-year Treasury yield