Tech Up, With Particular Strength in Small-Cap Cos -- Tech Roundup
The technology sector rose, with particular strength in the smaller companies that have lagged the performance of large tech stocks for much of the last half-decade.
In the latest rebound, investors have rotated out of large-cap growth stocks that have consistently led the bull market into small-cap and value stocks.
California passed landmark employment legislation that challenges the business model of such "gig-economy" companies as ride-hailing giants Uber Technologies and Lyft by forcing them to reclassify workers they had treated as independent contractors as employees. The move was widely anticipated and shares of both companies rose Wednesday.
One brokerage looked askance on the latest product launch from Apple. "We consider the iPhone 11 series launch marginally disappointing even relative to low expectations," said analysts at brokerage Nomura Securities, in a research note. "Pitfalls remain" ahead of the more eagerly awaited iPhone 12 launch, the analysts warned.
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