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. Two days after Russia invaded Ukraine, an account on the Telegram messaging platform posing as President Volodymyr Zelenskiy urged his armed forces to surrender. In a message on his Telegram channel recently recounting the episode, Durov wrote: "I lost my company and my home, but would do it again – without hesitation." At its heart, Telegram is little more than a messaging app like WhatsApp or Signal. But it also offers open channels that enable a single user, or a group of users, to communicate with large numbers in a method similar to a Twitter account. This has proven to be both a blessing and a curse for Telegram and its users, since these channels can be used for both good and ill. Right now, as Wired reports, the app is a key way for Ukrainians to receive updates from the government during the invasion. 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%.
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