Falling Treasury Yields Give Tech A Boost – She’s Got The Stocks, 12 October 2023

Falling Treasury Yields Give Tech A Boost – She’s Got The Stocks, 12 October 2023

Tech stocks have largely rebounded this week as yields on US government bond yields have eased.

The 10-year treasury yield had eased back down to 4.56 per cent by the end of day Wednesday, after previously reaching its highest level in 16 years.

This was driven by safe-haven bids following the breakout of war in the Middle East, as well as dovish remarks made by FED reserve officials throughout the week.

The tech-heavy Nasdaq Composite has lifted 3.26 per cent since Thursday last week.

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Birkenstock has finally gone public, however, it hasn’t all been a walk in the park. Shares dropped by more than 10 per cent on their first day of trading on Wednesday afternoon.

The German sandal maker was the third largest US listing of the year.

It closed at $40.20 a share, almost 13 per cent below the initial offering price of $46 agreed on Tuesday evening.

Moving on, Amazon is trialling a ‘buy again’ button in its app.

The new feature is a bid to get more money out of its customers and is one of many spend-more initiatives the retail giant is experimenting with at the moment.

In digital payment, the Albanese government is moving to regulate Apple Pay, Google Pay and other services by expanding the Reserve Bank’s powers. Draft legislation is expected to be released on Wednesday.

In Europe, Europeans are increasingly pushing for governments to better regulate AI in a bid to protect jobs.

A study from Spain’s IE University showed, out of a sample of 3,000 Europeans, 68 per cent wanted their governments to introduce stricter rules.

This comes as EU Commissioner Thierry Breton has warned some of the world’s biggest tech leaders that they must take prompt action to stop the spread of disinformation about the Israel-Hamas war.

Breton told Mark Zuckerberg that some of the platforms were responsible for a surge in illegal content in Europe.

On Wednesday he asked Meta to respond within 24 hours to make sure its site systems are effective.

Turning to jobs, a UK filing has shown that Alphabet’s AI lab – DeepMind – has cut employee costs by some 39 per cent year-on-year.

For the 2022 financial year staff costs and related expenses were 594.5 million pounds, down from 969.4 million.

And finally, Telstra is planning to use its recent purchase of $267.5 million cloud computing specialist Versent to sell more services to international corporate and government customers.

OpenClose Change 
Macquarie Telecom Limited (ASX: MAQ)$61.23$64.565.44%
REA Group (ASX: REA)$151.96$164.067.96%
Atlassian (NAS: TEAM) (USD)$189.84$199.455.06%
Xero (ASX: XRO)$110.71$119.748.16%
Carsales.com (ASX: CAR)$27.22$29.387.94%
NEXTDC (ASX: NXT)$12.09$12.896.62%
WiseTech Global (ASX: WTC)$62.17$64.804.23%
Appen (ASX: APX)$1.12$1.10-1.79%
Airtasker (ASX: ART)0.1950.17-12.82%
Telstra (ASX: TLS)$3.78$3.903.17%
Adobe (NAS: ADBE) (USD)$518.42$549.916.07%
Salesforce (NYSE: CRM) (USD)$201.87$206.852.47%
Apple (NAS: AAPL) (USD)$173.66$179.803.54%
Alphabet (NAS: GOOGL) (USD)$135.24$140.553.93%
Meta (NAS: META) (USD)$305.58$327.827.28%
Microsoft (NAS: MSFT) (USD)$318.95$332.424.22%
Amazon (NAS: AMZN) (USD)$127.00$131.833.80%
Nvidia (NAS: NVDA) (USD)$440.41$468.066.28%
Netflix (NAS: NFLX) (USD)$376.90$365.93-2.91%

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