"Markets were cheering this economic recovery and return to strong economic growth, but the cheers will turn to tears if the inflation outbreak pushes businesses and consumers to the brink of recession," he added. 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鈥攁nd 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鈥檚 on a sustainable path higher. Higher long-dated bond yields make future profits less valuable鈥攁nd many tech companies are valued on the basis of profits forecast for many years in the future. "Like the bombing of the maternity ward in Mariupol," he said, "Even before it hits the news, you see the videos on the Telegram channels." 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 front鈥攁nd traders would rather be able to sell any recent winnings at Friday鈥檚 earlier prices than wait for a potentially lower price at Monday鈥檚 open. NEWS
from cn
