Shares of several gaming, streaming and social media companies, including Meta Platforms Inc (NASDAQ:FB), are trading lower amid overall market weakness as stocks continue to fall amid concerns over the potential economic impacts of Fed rate hikes and the Russia-Ukraine conflict. Traders also weigh recent earnings reports.
The 10-year note has risen from a low of 0.5% in 2020 to nearly 3.0% in April. In general, earnings years into the future are worth less today when interest rates rise. A rise in Treasury yields also correlates to a rise in bonds, which has the effect of dissuading cash from flowing into high-growth, high price/earnings stocks.
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According to data from Benzinga Pro, Meta Platforms is trading lower by 2.60% at $182.12. Meta Platforms has a 52-week high of $384.33 and a 52-week low of $179.50.
