Shares of streaming, gaming and social media stocks, including Pinterest Inc (NYSE:PINS) are trading lower as a rise in yields weighs on growth sectors for the session.
The 10-year Treasury yield hit an intraday high of 1.624% Monday afternoon before dipping to around the 1.600% level. The spike in the 10-year note Monday comes after President Biden renominated Federal Reserve Chairman Jerome Powell for a second term.
Pinterest is an online product and idea discovery platform that helps users gather ideas on everything from recipes to cook to destinations to travel to. Founded in 2010, the platform consists of a largely female audience, at roughly two-thirds of its more than 365 million monthly active users.
Pinterest has a 52-week high of $89.90 and a 52-week low of $41.87.