If investors needed more evidence of why they should tread carefully following the tech-driven stock rally that has gripped Wall Street this year, then results from tech giants Apple, Amazon and Atlassian showed why 2023’s tech advance is very different from the buy-everything boom of the pandemic years.

And another tick up in the benchmark US 10-year Treasury yield, which briefly touched 4.2 per cent, might prove to be even more important than any of those individual results.