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Stocks dropped on Friday afternoon, as gains made earlier in the day on hopes for diplomatic progress between Russia and Ukraine turned to losses. Technology stocks were hit particularly hard by higher bond yields. There was another possible development: Reuters also reported that Ukraine said that Belarus could soon join the invasion of Ukraine. However, the AFP, citing a Pentagon official, said the U.S. hasnā€™t yet seen evidence that Belarusian troops are in Ukraine. He floated the idea of restricting the use of Telegram in Ukraine and Russia, a suggestion that was met with fierce opposition from users. Shortly after, Durov backed off the idea. The picture was mixed overseas. Hong Kongā€™s Hang Seng Index fell 1.6%, under pressure from U.S. regulatory scrutiny on New York-listed Chinese companies. Stocks were more buoyant in Europe, where Frankfurtā€™s DAX surged 1.4%. Fridayā€™s performance was part of a larger shift. For the week, the Dow, S&P 500 and Nasdaq fell 2%, 2.9%, and 3.5%, respectively.
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