Shares of technology companies fell, but not by as much as the broad market, as traders anticipated a shift in policy from the Federal Reserve.
While the Fed allowed inflation to run wild in recent months, "value" sectors of the stock market such as energy and commodities have taken over stock-market leadership from the technology sector. The prospect of the Fed hiking rates to slow growth has prompted a return to the tech sector, known for generating earnings growth even while the broader economy is languishing.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-18-21 1728ET
