Zoom Video Communications Inc (NASDAQ:ZM) shares are trading lower. The move appears to be in sympathy with overall tech sector weakness following a rise in US Treasury yields, which has pressured growth sectors.
The 10-year Treasury yield hit an intraday high of 1.686% Tuesday morning before dipping to around the 1.663% level. Overall market volatility is persistent during Tuesday’s session as investors continue to weigh omicron concerns.
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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 has a 52-week high of $451.77 and a 52-week low of $172.10.