That hurt tech stocks. For the past few weeks, the 10-year yield has traded between 1.72% and 2%, as traders moved into the bond for safety when Russia headlines were ugly—and out of it when headlines improved. Now, the yield is touching its pandemic-era high. If the yield breaks above that level, that could signal that it’s on a sustainable path higher. Higher long-dated bond yields make future profits less valuable—and many tech companies are valued on the basis of profits forecast for many years in the future. The Securities and Exchange Board of India (Sebi) had carried out a similar exercise in 2017 in a matter related to circulation of messages through WhatsApp. For tech stocks, “the main thing is yields,” Essaye said. Continuing its crackdown against entities allegedly involved in a front-running scam using messaging app Telegram, Sebi on Thursday carried out search and seizure operations at the premises of eight entities in multiple locations across the country. But the Ukraine Crisis Media Center's Tsekhanovska points out that communications are often down in zones most affected by the war, making this sort of cross-referencing a luxury many cannot afford.
from ar