Shares of technology companies rose sharply after President Trump seemed to temper his opposition to a stimulus deal in the near term.
Still, shares of mega cap tech companies, such as Apple and Facebook, saw more muted gains. Even within the tech sector, investors have recently rotated into "value" niches such as semiconductor stocks and out of the richly valued mega caps, said Eric Marshall, president of Dallas mutual-fund firm Hodges Capital.
Mr. Marshall is among those strategists who have perceived a rotation out of growth stocks and into value stocks in recent weeks.
"We think global equity gains from here may lean more heavily on 'more normal' themes rather than the 'stay at home' dynamics that have favored mega-cap tech," said Mark Haefele, chief investment officer at money manager UBS Global Wealth Management, in a note to clients.
Lyft struck a deal with Grubhub to offer regular riders a free membership to Grubhub's premium food-delivery service, as Uber's main rival responds to the larger company's move into delivery, known as Uber Eats.
London-based investment firm Centricus Asset Management has revised an offer several times for TikTok's U.S. operations in recent weeks based on feedback from Zhang Yiming, the chief executive of TikTok parent ByteDance, seeking to disrupt a deal with Oracle and Walmart, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-07-20 1718ET
