Alphabet Inc. fell on Friday, with the Google parent extending a drop that has resulted in its worst weekly performance since the start of the Covid-19 pandemic.Shares fell 0.5% in their fourth straight negative session. For the week, it dropped 5.4%, its biggest weekly decline since March 2020. Microsoft Corp. ended Friday’s session with a gain of less than 0.1%, but it slipped 6.6% over the course of the week.The weekly rout came amid a spike in U.S. bond yields, which broadly pressured high-growth names. The yield on the U.S. 10-year Treasury climbed to about 1.77% on Friday, its highest since January 2020, after trading as low as under 1.4% in December. Higher rates are seen as a headwind for high-growth and relatively expensive stocks as they reduce the present value of future earnings.
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