I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern.

Listen in. Good Friday morning. Welcome to Tech Check. I'm Carl Kintania with John Fort and Julia Borsden.

Today, Bitcoin and Ethereum Tumble. China kicks crypto calls all related activities illegal.

It's hitting Coinbase in Robin Hood as well. Plus, iPhone 13 models hit the shelves

today, but you may have to wait a while to get your hands on one. We'll get a deeper dive on

Apple demand. And then one software name soaring, why an analyst says it's a must-own for growth

investors, John. Yeah, and we will start with stocks lower today, a sell-off to start the week. A rally followed.

Mike Santoli is putting this week's volatility into perspective for us.

Mike?

Yeah, John, pretty much a round trip for the S&P 500 from last Friday's close is where we're trading right now.

But there has been a lot of movement under the surface.

In fact, the breakout higher in treasury yields might be one of the

more significant ones and kind of says a lot about style rotation, things like that. Take a look at the

year-to-date chart here of the NASDAQ 100 ETF along with the S&P 500 value. So a lot of contrasts here.

Right here where the NASDAQ 100 was really suffering into that early March, that's when 10-year yields were racing above 1.7.

That was the huge sell-off in treasuries, and you saw value did just fine through there.

Similarly, yet another one of these runs above 1.7 into May, and that's when they peaked and bottomed,

and that was the big run in big cap growth from that point on. Now, it's been a little more muddled since then. Of course, you can see it's not a perfect either-or type market. They're both higher year-to-date, even though yields have come up a fair bet. But it is worth questioning right now as we see this breakout in 10-year treasury yields. if that lasts above 1.4 as we get higher, maybe

across as 1.5, is that the occasion for another one of these periods where large-cap tech stocks

take a little bit of a backseat to the more cyclical sectors, guys? Mike, are investors reacting at

all to what's coming or not coming out of Washington around debt ceiling, around taxes. I mean,

it seems like we're kind of, like you said, back where we were a week ago. So, I mean,

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