Shares of Appian (NASDAQ: APPN) were pulling back today as the high-growth tech stock was swept up in the market sell-off in response to rising interest rates. While that is still low based on historical standards, Treasury yields have a direct relationship with stock prices as investors tend to rotate out of stocks and into bonds as interest rates increase and yields get better. The perception among some that the stock market is already overvalued might be accelerating this rotation as the S&P 500 price-to-earnings ratio is currently 34, compared to its historical average at 16.
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