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Shares of large technology companies, including Zoom Video Communications Inc (NASDAQ: ZM), are trading lower amid a rise in bond yields, which has weighed on growth stock valuations.
The 10-year Treasury yield hit an intraday high of 1.567% Tuesday morning before dipping to around the 1.544% level. The spike in the 10-year note this week comes after the Federal Reserve last week spoke on winding down its ongoing asset purchasing program.
Zoom provides a communications platform that connects people through video, voice, chat and content sharing. The company's cloud-native platform enables face-to-face video and connects users across various devices and locations in a single meeting.
Zoom is trading lower by 3.9% at $262.14. Zoom has a 52-week high of $588.84 and a 52-week low of $261.21.
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