Tech Advances For Session, But Down on Week -- Tech Roundup

05/20/2022 | 05:17pm

Shares of technology companies ticked up, but fell sharply on the week, as the sector that led gains in the pandemic-era bull market looks set to generate the largest losses in the current bear market.

The Nasdaq Composite fell for the seventh straight week, its longest losing streak since 2001.

The Technology Select Sector SPDR exchange-traded fund, which tracks the tech sector of the S&P 500, itself dominated by a handful of mega cap companies has fallen by roughly one quarter for the year to date.

Match Group withdrew its request for a temporary restraining order against Alphabet's Google, saying Google has made some concessions over its app store payment practices that Match Group demanded.

Chinese electric-car maker NIO's shares surged in their debut on the Singapore Exchange, shrugging off broader market volatility.

President Biden began his three-day trip to South Korea with a visit to a Samsung Electronics semiconductor plant, underscoring the technology ties between the countries as the U.S. seeks to strengthen supply chains and reboot its own manufacturing amid competition with China.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

05-20-22 1716ET

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