Communications services companies rose sharply as traders rotated into high-risk sectors in the wake of comments from Federal Reserve Chairman Jerome Powell.

Zoom Video Communications shares surged after the videoconference software maker unveiled plans to lay off about 1,300, or 15%, of its staff, and cut executive salaries as a shift from working at home hurt its prospects.

Activision Blizzard rallied after the videogame maker said demand for its "Call of Duty" games bolstered quarterly growth.

 Write to Rob Curran at 

(END) Dow Jones Newswires

02-07-23 1730ET