𝗜𝗡𝗧𝗥𝗢𝗗𝗨𝗖𝗧𝗜𝗢𝗡

𝗜𝗡𝗧𝗥𝗢𝗗𝗨𝗖𝗧𝗜𝗢𝗡

𝗜𝗡𝗧𝗥𝗢𝗗𝗨𝗖𝗧𝗜𝗢𝗡 Telegram | DID YOU KNOW?

The Dow Jones Industrial Average fell 230 points, or 0.7%. Meanwhile, the S&P 500 and the Nasdaq Composite dropped 1.3% and 2.2%, respectively. All three indexes began the day with gains before selling off. 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 next bit isn’t clear, but Durov reportedly claimed that his resignation, dated March 21st, was an April Fools’ prank. TechCrunch implies that it was a matter of principle, but it’s hard to be clear on the wheres, whos and whys. Similarly, on April 17th, the Moscow Times quoted Durov as saying that he quit the company after being pressured to reveal account details about Ukrainians protesting the then-president Viktor Yanukovych. And indeed, volatility has been a hallmark of the market environment so far in 2022, with the S&P 500 still down more than 10% for the year-to-date after first sliding into a correction last month. The CBOE Volatility Index, or VIX, has held at a lofty level of more than 30.
𝗜𝗡𝗧𝗥𝗢𝗗𝗨𝗖𝗧𝗜𝗢𝗡 from hk

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