Communications services companies fell as investors rotated out of growth sectors, those which are more highly priced based on earning ratios.
"Stay-at-home" bets such as Zoom Video Technologies and Netflix gave back a chunk of their stratospheric, pandemic-era gains, as investors bet consumer behavior was about to change.
Zoom founder Eric Yuan transferred roughly 40% of his ownership in the company he runs, a stake valued at about $6 billion, into trusts.
Shares of 5G data-network technology company Airspan Networks rallied after it launched on public markets through a merger with blank-check company New Beginnings.
In one sign that U.S. pressure on Huawei Technologies is hurting its business, research firm Dell'Oro Group estimated the Chinese telecom-services giant lost ground last year to Western rivals in cellular-equipment markets outside China.
Walt Disney shares rallied after reports that Disneyland, its theme park in California, could soon reopen.
CBSViacom shares surged after the cable-and-network television giant's Paramount+ streaming service launched, and as the CBS channel aired one of the most popular television events of the year so far. About 17.1 million people watched Oprah Winfrey's Sunday night interview with Prince Harry and Duchess of Sussex Meghan Markle on CBS, as reported earlier.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-08-21 1711ET
