Soaring U.S. Treasury yields have a more direct impact on small-cap stocks. The Russell 2000 Index has fallen 9% from its all-time high less than two months ago, closing at 2793.20 points on Wednesday, just shy of officially entering a technical correction (a 10% drop from its high). Keith Lerner, Chief Investment Officer at Truist Advisory Services, pointed out that rising long-term U.S. Treasury yields are the primary factor in the decline of small-cap stocks, as they are more sensitive to interest rates and have a higher proportion of floating-rate debt.