Shares of technology companies rallied as a drop in inflation and interest-rate expectations bolstered risk appetite.
The mega cap tech stocks that led the stock market for years until the recent bear market were resurgent.
Amazon.com rallied by more than 3%, bringing it roughly 40% above its lows earlier in the summer.
Foxconn Technology, the world's biggest iPhone assembler, said demand for smartphones and other consumer electronics is slowing, leading it to take a more cautious stance in the current quarter.
Japanese technology investment firm SoftBank Group said it would sharply reduce its stake in Chinese e-commerce company Alibaba Group Holding, in an effort to shore up cash.
Elon Musk sold nearly $7 billion of Tesla stock in recent days, regulatory disclosures show, in what may constitute contingency planning given doubts over the fate of his $44 billion deal to buy Twitter.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-10-22 1701ET
