Shares of technology companies declined, as the Nasdaq Composite closed in correction territory, down more than 10% from its 2021 peak.
It was the Nasdaq's first close in correction territory since March 2021.
Microsoft's $75 billion acquisition of Activision Blizzard, the largest ever for the software giant, will shake up the game industry by expanding the software giant's library of blockbuster videogames and bolstering its cloud-gaming service's competition with rival Sony.
Shares of Trio-Tech International fell more than 10% after the provider of semiconductor testing services said it was forced to temporarily close a plant in China due to the Covid-19 pandemic.
Intel Chief Executive Pat Gelsinger said he's been lobbying to increase chip manufacturing in the U.S. and says his moonshot objective is for the U.S. to account for 30% of global production over the next decade and for Europe to get back to 20%, from their current roughly 12% and 9%, respective, shares.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-19-22 1719ET
