Shares of large technology companies, including Pinterest Inc (NYSE:PINS), are trading lower amid a rise in bond yields, which has weighed on growth stock valuations.
The 10-year Treasury yield hit an intraday high of 1.567% Tuesday morning before dipping to around the 1.544% level. The spike in the 10-year note this week comes after the Federal Reserve last week spoke on winding down its ongoing asset purchasing program.
Pinterest provides a visual discovery engine in the United States and internationally. The company’s engine allows people to find inspiration for their lives, including recipes, style and home inspiration and DIY projects.
Pinterest is trading lower by 4.3% at $51.47. Pinterest has a 52-week high of $89.90 and a 52-week low of $40.06.
