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. For example, WhatsApp restricted the number of times a user could forward something, and developed automated systems that detect and flag objectionable content. The perpetrators use various names to carry out the investment scams. They may also impersonate or clone licensed capital market intermediaries by using the names, logos, credentials, websites and other details of the legitimate entities to promote the illegal schemes. 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. Just days after Russia invaded Ukraine, Durov wrote that Telegram was "increasingly becoming a source of unverified information," and he worried about the app being used to "incite ethnic hatred."
from nl
