Bonds issued by the Magnificent Seven group of companies are offering yields in the low to mid-5% range
Meta Platforms Inc.’s stock was down 5% Thursday to lead the Magnificent Seven group lower, but its bonds were again holding up, thanks to their juicy yields.
Google parent Alphabet Inc. GOOG, -1.94% GOOGL, -2.07%, meanwhile, which avoided answering a question about its ad business on Tuesday, suffered a loss of market capitalization on Wednesday of $166.6 billion, its biggest one-day loss on record. The Nasdaq is now in correction territory after closing below the 12,922.216 threshold on Wednesday, marking a drop of a least 10% from its prior peak, which was set in mid-July at 14,358.02, according to Dow Jones Market Data. It’s the Nasdaq’s 70th close in correction territory since its inception in February 1971, weighed down by the recent spike in long-term Treasury yields.
Apple Inc., which has the most outstanding bonds of the group, was recently yielding about 5.2%. By comparison, the implied dividend yield on Apple’s stock at current prices is 0.6%.
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