Tech Down as Rotation Out of Sector Continues -- Tech Roundup

01/21/2022 | 05:02pm

Shares of technology companies fell as a rotation out of the sector, sparked by changes to the interest-rate and pandemic outlooks, continued.

The Nasdaq Composite is now down about 14% from its November 2021 high, and has seen the worst six-session run since September 2020, said technical analyst Mark Arbeter, in e-mailed commentary.

The recent increase in interest rates sparked a "reassessment" of exposure to the sector, said Joe Kinahan, chief market strategist at TD Ameritrade.

Alphabet's Google asked a federal judge to dismiss an antitrust lawsuit brought by Texas and more than a dozen state attorneys general, arguing that they failed to show the search giant's digital advertising practices were anticompetitive.

Bitcoin, the world's largest cryptocurrency by market value, fell below $38,000 to its lowest dollar value since August, according to data provider CoinDesk.

Revenue at Chinese social-media giant ByteDance rose by about 70% last year to roughly $58 billion, slowing from a year earlier, as Beijing cracked down on the tech sector.

 Write to Rob Curran at 

(END) Dow Jones Newswires

01-21-22 1701ET

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