Shares of companies in the broader technology sector, including C3.Ai Inc (NYSE:AI) and Palantir Technologies Inc (NYSE:PLTR), are trading lower amid a rise in US Treasury yields.
When interest rates rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock. The 10-year US Treasury yield is hovering around a two-year high at 2.500% Friday morning, which has pressured valuations.
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- C3.Ai is trading lower by 6.04% at $22.08. C3.Ai has a 52-week high of $76.85 and a 52-week low of $16.58.
- Palantir Technologies is trading lower by 3.66% at $12.90. Palantir Technologies has a 52-week high of $29.29 and a 52-week low of $9.74.
