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After a big drop, interest rates are rising again as the government and large banks look to stabilize the financial system.

Given recent inflation trends, that doesn't appear to be in the cards any time soon. These high-growth software stocks have only really operated in a low-rate environment, and they still aren't "cheap" by conventional metrics. Some may be confused as to why economic troubles in the banking sector may be good for tech and vice versa. DocuSign is a bit more reasonable at 4.5 times sales, but DocuSign's new management team only forecasts a tepid 8% growth this year, down from 19% in 2022. The 10-year Treasury bond yield, after falling from about 4% to 3.4% in less than two weeks, bounced higher to 3.5% today. This is because the higher long-term yields are, the less these companies' 2030 profits are worth in present-day terms. The bounce seemed to be a sigh of relief after regulatory action in both the U.S. It remains to be seen whether the banking crisis is in fact fully contained, if a recession will occur, and how severe it will be if it does. government and large U.S. However, as the U.S. [intrinsic value](https://www.fool.com/investing/how-to-invest/stocks/intrinsic-value/) of any stock is the present value of all future cash flows, and that these stocks' profits are all well out into the future, one could say that the long-term [Treasury bond yield](https://www.fool.com/investing/how-to-invest/bonds/treasury-bonds/) may even have a larger impact on these stocks than the near-term economic environment. In a bout of "good news for the economy is bad news for profit-less tech stocks," long-term yields bounced back higher, which can be a headwind for unprofitable growth stocks even if the economy turns out to be in less bad shape than feared.