Shares of several banks and financial services companies, including Coinbase Global Inc (NASDAQ:COIN), are trading higher amid overall market strength. Traders continue to assess recent earnings reports in the space and weigh the impact of rising yields on the sector.
Coinbase shares have otherwise experienced weakness in 2022 amid continued concerns over Fed tapering in order to combat inflation. Coinbase shares are lower by 40.40% on a year-to-date basis.
Investors continue to assess upcoming corporate earnings in April while a new 2-year high of 2.930% for the U.S. 10-Year Treasury Tuesday has otherwise not impacted growth companies for the session. In general, when interest rates rise, the value of future cash flows is reduced for stocks, which in turn lower the value of the stock.
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According to data from Benzinga Pro, Coinbase is trading higher by 3.08% at $149.63.
