Why Snap, Palantir Technologies, Meta Platforms And Uber Shares Are Falling Today

Shares of companies in the broader tech and software sector, including Snap Inc SNAP, Palantir Technologies Inc PLTR, Meta Platforms Inc FB and Uber Technologies Inc 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.

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