Benzinga | Nov 22, 2021 02:02PM EST

Why Square Shares Are Falling

Shares of software and IT services companies, including Square, Inc. (NYSE:SQ) are trading lower amid a rise in treasury yields, which has pressured growth sectors.

The 10-year Treasury yield hit an intraday high of 1.624% Monday afternoon before dipping to around the 1.600% level. The spike in the 10-year note Monday came after President Biden renominated Federal Reserve Chairman Jerome Powell for a second term.

Square, Inc., together with its subsidiaries, creates tools that enables sellers to accept card payments and provides reporting and analytics, and next-day settlement.

Square's stock was trading about 7% lower at $209.18 per share on Monday at the time of publication. The stock has a 52-week high of $289.23 and a 52-week low of $191.36.