Tech Up As Fed Comments Spur Rotation Into Sector -- Tech Roundup

04/08/2021 | 05:28pm

Shares of technology companies rose as reassuring commentary from the Federal Reserve chairman weighed on Treasury yields and spurred a rotation back into the sector.

The SPDR Select Technology exchange-traded fund, which tracks the tech industry group of the Standard & Poor's 500, rose by more than 1% to an all-time high. Investors had migrated from the sector in recent weeks as Treasury yields marched higher, sparking a reassessment of portfolio risk exposure.

Shares of Japanese tech investment giant SoftBank Group rose after reports it was investing $500 million in mortgage lender Better Holdco at a valuation of $6 billion. The move comes as the Japanese investing giant seeks to ride the latest wave of astronomical startup valuations in the financial technology niche.

Consumer staples giant Procter & Gamble participated in testing an advertising technique being developed in China to gather iPhone data for targeted ads, a step intended to give companies a way around Apple's new privacy tools, The Wall Street Journal reported.

StockX, an online marketplace that sells sneakers, streetwear, collectibles and other items, said it sold $60 million of new stock at a $3.8 billion valuation, and allowed some employees to sell their equity.

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

(END) Dow Jones Newswires

04-08-21 1727ET

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