Shares of large technology companies, including Twitter Inc (NYSE:TWTR), 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.
Twitter is an open distribution platform for and a conversational platform around short-form text, image and video content. Many prominent celebrities and public figures have Twitter accounts. Twitter generates revenue from advertising (90%) and licensing the user data that it compiles (10%).
Twitter is trading lower by 4.5% at $62.44. Twitter has a 52-week high of $80.75 and a 52-week low of $38.98.
