Shares extend loses

US shares continued their decline for second day in a row after yields spiked to their 14 months high. Yields at 10 year US bonds reached 1,77% during the day which is 14 month high and just 3 months ago, yields were at 1%. This is negative especially for tech firms as real profit is count as profit minus non risk assets and 10year bond is non risk and since tech firms are know for small profits as they are mostly new firms it affects them the most. After yields went back, shares cut some losses, but over all we can see sector rotation for the moment. (Hajric, Bloomberg)

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