The 10-year U.S. Treasury yield hit 5.234%, its highest level since mid-2007, creating a challenging backdrop for equities. Nvidia announced a $150 billion increase to its buyback program, bringing the total to $235 billion, the largest increase in history. Apple was ordered by a federal jury in San Diego to pay $5.7 billion for patent infringement related to Apple Watch haptics, a decision Apple plans to appeal. PepsiCo was downgraded by Deutsche Bank from buy to hold with a price target cut to $138. Palo Alto Networks had its price target raised to $425 by BTIG, which maintained its buy rating.
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