Pinterest, Inc. PINS shares are trading lower Wednesday alongside other social media stocks, amid overall weakness in tech-related sectors on rising yields.
What To Know: Rising treasury yields put pressure on the market Wednesday, with the rate-sensitive two-year Treasury yields increasing by 15-basis-points, climbing over 5%. Higher rates impact factors such as borrowing costs, making it more difficult for companies to attain capital. As such, Wednesday was marked by investor caution and concern in response to the rising rates, driving the market downward.
Tech-related sectors including social media stocks also reacted negatively, with shares of Pinterest down over 4%.
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PINS Price Action: Shares of PINS were down 4.10% at $27.60 at the time of publication, according to Benzinga Pro.
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