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In the United States, Telegram's lower public profile has helped it mostly avoid high level scrutiny from Congress, but it has not gone unnoticed. Friday’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. Russian President Vladimir Putin launched Russia's invasion of Ukraine in the early-morning hours of February 24, targeting several key cities with military strikes. 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. Markets continued to grapple with the economic and corporate earnings implications relating to the Russia-Ukraine conflict. “We have a ton of uncertainty right now,” said Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors. “We’re dealing with a war, we’re dealing with inflation. We don’t know what it means to earnings.”
from hk
