A rough start for 2022 for U.S. tech and growth stocks is raising stakes for upcoming earnings reports, as investors seek reasons to keep faith in the shares while pricing in U.S interest rates. The S&P 500 information technology sector, which accounts for 29% of the broader index’s weight, is down 5.5% year to date, including steep declines in shares of heavyweights such as Microsoft and Nvidia, both off roughly 9%. Tech bulls are hoping that a strong earnings report will blunt some of the pain. As the Fed raises rates, investors will keep an eye on how much higher long-term Treasury yield rise. Higher yields more steeply discount the value of higher profits, which will pressure growth stocks. Fourth-quarter earnings kick into high gear this week, which is replete with tech stocks. Goldman stocks see the 10-year Treasury yield rising to 2% by year’s end, suggesting only a more moderate rise. However, a slowing economy is an argument against growth stocks.