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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 uglyβand 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 itβs on a sustainable path higher. Higher long-dated bond yields make future profits less valuableβand 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 picture was mixed overseas. Hong Kongβs Hang Seng Index fell 1.6%, under pressure from U.S. regulatory scrutiny on New York-listed Chinese companies. Stocks were more buoyant in Europe, where Frankfurtβs DAX surged 1.4%. "And that set off kind of a battle royale for control of the platform that Durov eventually lost," said Nathalie MarΓ©chal of the Washington advocacy group Ranking Digital Rights. Sebi said data, emails and other documents are being retrieved from the seized devices and detailed investigation is in progress.
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