Shares of companies in the broader technology sector, including Applied Materials, Inc. (NASDAQ:AMAT), Lam Research Corporation (NASDAQ:LRCX), Micron Technology, Inc. (NASDAQ:MU) and Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM), are all trading lower amid overall market weakness following the collapse of Russia-Ukraine ceasefire talks.
Shares of companies in the broader tech sector are also trading lower after the 10-year US Treasury yield is hovering around a two-year high, which has pressured valuations. The 10-year Treasury yield hit an intraday high of 2.021% Thursday afternoon before dipping to around the 2.013% 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.
Applied Materials is trading lower by 2.97% at $124.64.
Lam Research is trading lower by 3.64% at $498.50.
Micron is trading lower by 5.11% at $75.38.
Taiwan Semiconductor is trading lower by 1.09% at $103.81.
