First-quarter earnings were supposed to be an elixir for U.S. technology stocks, the sector that had fallen more than any other in the month before the reporting season began. Then Treasury yields spiked and spoiled it.

The S&P 500 Information Technology Index has fallen 5.3 percent in six consecutive down sessions, the longest streak of losses in a year. The retreat in the high-growth sector came as the 10-year Treasury yield spiked to 3 percent. The rout in technology is more than double the broader stock market's decline during the period.

The thinking was that solid earnings would provide a much-needed lift to tech stocks, which had been roiled by Facebook Inc.'s privacy scandal and concern that the government will move to more tightly regulate the industry. The surge in Treasury yields that coincided with the earnings releases dashed those hopes.