Shares of companies in the broader tech and software sector, including Snap Inc (NYSE:SNAP), Palantir Technologies Inc (NYSE:PLTR), Meta Platforms Inc (NASDAQ:FB) and Uber Technologies Inc (NYSE:UBER) are all trading lower after the 10-year US Treasury yield reached a two-year high, which has pressured valuations.
Worse-than-expected earnings from Goldman Sachs is also weighing on stocks Tuesday.
Shares of companies across sectors are trading lower after the 10-year US Treasury yield reached a two-year high, which has pressured valuations. The 10-year Treasury yield hit an intraday high of 1.85% Tuesday morning before dipping to around the 1.83% level. When interest rates rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.
See Also: Microsoft To Acquire Activision In $68.7B Deal: What Investors Need To Know
