PWB is trading at $160.48 (-2.03%) as higher oil prices and multi-year Treasury yields pressure growth-stock valuations.
- Fading hopes for a U.S.-Iran peace agreement have revived inflation and interest-rate concerns; the Nasdaq Composite is down 0.92% and the S&P 500 is down 0.45%.
- Information technology faces additional pressure as heavyweight software and mega-cap technology shares weaken, despite relative strength in some semiconductor stocks.
- Higher yields reduce the present value of technology companies’ future earnings.