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The last couple days have exemplified that uncertainty. On Thursday, news emerged that talks in Turkey between the Russia and Ukraine yielded no positive result. But on Friday, Reuters reported that Russian President Vladimir Putin said there had been some āpositive shiftsā in talks between the two sides. In 2014, Pavel Durov fled the country after allies of the Kremlin took control of the social networking site most know just as VK. Russia's intelligence agency had asked Durov to turn over the data of anti-Kremlin protesters. Durov refused to do so. Investors took profits on Friday while they could ahead of the weekend, explained Tom Essaye, founder of Sevens Report Research. Saturday and Sunday could easily bring unfortunate news on the war frontāand traders would rather be able to sell any recent winnings at Fridayās earlier prices than wait for a potentially lower price at Mondayās open. 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. 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 uglyāand 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 itās on a sustainable path higher. Higher long-dated bond yields make future profits less valuableāand many tech companies are valued on the basis of profits forecast for many years in the future.
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