Block Inc (NYSE:SQ) shares are trading lower Wednesday, alongside several names in the broader technology and software space amid a rise in yields.
The 10-Year Treasury yield was hovering around 2.939% at press time.
Block shares are also seeing downward pressure amid overall market weakness surrounding continued Fed uncertainty. The Federal Reserve is in the midst of what is expected to be its most aggressive tightening cycle in more than 40 years as the central bank attempts to tame runaway inflation.
JP Morgan Chase & Co (NYSE:JPM) CEO Jamie Dimon on Wednesday expressed concerns about an impending quantitative tightening storm.
"You’d better brace yourself," Dimon said, noting that he's preparing JPMorgan for an economic "hurricane."
Stocks have bounced off the lows in recent weeks as investors look for signs that inflation may be easing, but the rally seemed to reverse course following Dimon's warning.
Block is a global technology company with a focus on financial services.
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SQ Price Action: Block shares have traded between $65.10 and $289.23 over a 52-week period.
The stock was down 4.71% at $83.39 at press time, according to data from Benzinga Pro.
Photo: courtesy of Block.
