Shares of gaming, streaming and social media stocks, including Netflix Inc (NASDAQ:NFLX), Pinterest Inc (NYSE:PINS), Roku Inc (NASDAQ:ROKU) and Twitter Inc (NYSE:TWTR), are all trading lower in sympathy with the broader tech sector. The tech sector has been under pressure in the new year amid a recent rise in Treasury yields, which has weighed on growth sectors.
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Shares of growth stocks have been pulling back in recent sessions following a reaction last week to minutes from the FOMC meeting. Minutes showed most Fed members viewed conditions for rate hikes as potentially being met relatively soon.
The 10-year Treasury yield hit an intraday high of 1.761% Thursday afternoon. Overall market volatility is persistent again during Thursday’s session as investors continue to weigh omicron concerns.
