Shares of technology companies ticked down as investors hedged their bets on the outlook for the sector.
"So if you think of it in terms of annual returns if you had tech heavy portfolio, you've gotten three (or) four years of returns out of the last seven months," said Oliver Pursche, an independent market strategist.
"If things improve -- if there is a vaccine that comes out quickly and a return to normalcy with regards to work force as a result -- that will pressure tech stocks and that's what investors are trying to discern right now."
Shares of "stay-at-home" companies such as Zoom Video Communications and Slack Technologies have been among the biggest gainers on the stock market in recent months because of their offerings to remote workers and learners.
Joshua Calloway Supply-chain software provider E2open plans to go public through an agreement with a blank-check company, making it the latest in a stream of companies to bypass the traditional path to a stock listing using "special purpose acquisition companies."
Electric-vehicle startup Arrival said it has raised $118 million from funds managed by BlackRock Inc., the latest investor bet on new technology upending the auto sector. The investment values the U.K.-based manufacturer at roughly $3.5 billion, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-14-20 1732ET
