Will the Afterpay (ASX:APT) share price bounce back?

It certainly has been a volatile day for the Afterpay Ltd (ASX: APT) share price.

At one stage today the buy now pay later provider’s shares were down as much as 9% to $105.11.

The Afterpay share price then recovered to be down just 2.5% to $112.33 before falling back to be down 4.5% to $110.00 at the time of writing.

This means its shares are now down 31% from their record high of $160.05.

Why is the Afterpay share price under pressure?

Investors have been selling Afterpay shares in recent weeks amid concerns over rising bonds yields.

Rising bond yields are bad news for richly valued growth stocks as they form part of analysts’ valuation models. Essentially, as the riskfree rate rises, the premium that investors are willing to…