Rising Treasury yields can lead to higher borrowing costs for corporations, negatively impacting their profitability. This can lead to lower stock prices for the companies included in the NASDAQ-100 Index and, consequently, for TQQQ, which seeks to track the index's performance. Additionally, technology stocks, which are a major constituent of the NASDAQ-100 Index, are often sensitive to changes in interest rates. Higher interest rates can lead to higher discount rates applied to future cash flows, potentially reducing the present value of future earnings for tech companies. This can lead to a decline in the stock prices of tech-related firms.