The tech trade has roared back to life with the Nasdaq shaking off a nearly 2% decline to trade briefly in positive territory (now -0.2%).

Two things that tech stocks like are:

1) Lower oil prices --- WTI is down $13 from the intraday highs

2) Lower yields -- tech is a long-duration asset and US 10s are down 11 bps today

Add it up and there's a nice turnaround for the Nasdaq, though it still looks inconsequential on the daily chart.

daily nasdaq chart

The underlying theme in all this the idea that the Fed won't need to hike rates as much. Even if that means slower growth (or none), it's good news for tech, which tends to be lifted by leveraged longs.