Right, future earnings are discounted by interest rates meaning if you're a company whose earnings are heavily weighted towards the future, ie a growth stock (think startups who lose money but have huge valuations based on potential future earnings), you can get decimated by rate rises.

On the other hand, if you are a consumer goods stock paying a dividend, your value is much more based on the cash you can generate right now and you aren't particularly susceptible to future discounted cash flows affecting your valuation.