Tech Up On Rotation Into Growth Sectors -- Tech Roundup

06/24/2021 | 05:40pm

Shares of technology companies rose as traders rotated back into growth sectors in light of lessened fears about Federal Reserve policy.

The SPDR Select Sector technology exchange-traded fund, which tracks the tech sector of the Standard & Poor's 500, rose by roughly 0.6% to a new record high, alleviating concerns that investors were migrating from tech to value sectors such as materials and energy.

"There's been so many head-fakes on the rotation from growth to value...we've seen that multiple times," said Chris Gaffney, president of world markets at TIAA Bank, warning that this "choppy" trading may continue.

Software giant Microsoft unveiled an overhaul of its Windows operating system designed to update the software that long ruled the personal-computer market for an era when the use of apps on smartphones and tablets increasingly dominate people's interaction with technology.

Online auctioneer eBay agreed to sell a roughly 80% stake in its South Korean unit to retailer E-mart for about $3 billion.

One of America's largest labor unions passed a resolution designed to aid Amazon.com workers to a union contract, a move aimed at putting further labor pressure on the e-commerce giant following a recent failed unionization effort in Alabama.

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

(END) Dow Jones Newswires

06-24-21 1739ET

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