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๐๐ฎ๐ฟ๐ฑ ๐๐๐น๐ผ๐ป๐ฒ ๐ข๐ณ๐ณ๐ถ๐ฐ๐ถ๐ฎ๐น | ๐๐ต๐ฎ๐ป๐ป๐ฒ๐น ๐ฒ๐จ Telegram | DID YOU KNOW?
The S&P 500 fell 1.3% to 4,204.36, and the Dow Jones Industrial Average was down 0.7% to 32,943.33. The Dow posted a fifth straight weekly loss โ its longest losing streak since 2019. The Nasdaq Composite tumbled 2.2% to 12,843.81. Though all three indexes opened in the green, stocks took a turn after a new report showed U.S. consumer sentiment deteriorated more than expected in early March as consumers' inflation expectations soared to the highest since 1981. 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. Pavel Durov, a billionaire who embraces an all-black wardrobe and is often compared to the character Neo from "the Matrix," funds Telegram through his personal wealth and debt financing. And despite being one of the world's most popular tech companies, Telegram reportedly has only about 30 employees who defer to Durov for most major decisions about the platform. And while money initially moved into stocks in the morning, capital moved out of safe-haven assets. The price of the 10-year Treasury note fell Friday, sending its yield up to 2% from a March closing low of 1.73%. 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 uglyโand 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 itโs on a sustainable path higher. Higher long-dated bond yields make future profits less valuableโand many tech companies are valued on the basis of profits forecast for many years in the future.
๐๐ฎ๐ฟ๐ฑ ๐๐๐น๐ผ๐ป๐ฒ ๐ข๐ณ๐ณ๐ถ๐ฐ๐ถ๐ฎ๐น | ๐๐ต๐ฎ๐ป๐ป๐ฒ๐น ๐ฒ๐จ from PL