The U.S. 10 Year Treasury yield has risen sharply to start 2022, rising from around the 1.49% level on December 31 to around 1.76% during Tuesday's session. This has pressured stocks across sectors, though has especially weighed on growth sectors.

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When interest rates rise, the value of future cash flows is reduced for stocks, which in turn lowers the valuation of the stock. The energy sector, along with the broader market, has continued to face global macro concerns in 2022 as fears surrounding the COVID-19 omicron variant continue globally.