Shares of companies in the broader technology sector, including MicroStrategy Incorporated (NASDAQ:MSTR) and Block Inc (NYSE:SQ), are both trading lower amid overall market weakness following the collapse of Russia-Ukraine ceasefire talks.
Block and MicroStrategy shares are also trading lower amid a decline in the price of Bitcoin (CRYPTO: BTC) and other major cryptocurrencies Thursday. Bitcoin is trading lower by 6.50% at around $39,200 Thursday afternoon.
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.
Block is trading lower by 3.90% at $107.55.
MicroStrategy is trading lower by 5.46% at $412.91.