Shares of technology companies fell as a rotation out of the sector resumed.
The leaders of a speculative boom in early 2021 have now become leaders of a selloff. Tesla shares tested their 2021 lows, falling 2% to $576.83 after Chief Executive Elon Musk stirred more doubts about the electric-car maker's experiments with cryptocurrency. The price of bitcoin, the digital currency that Tesla purchased in large quantities recently, plummeted after Mr. Musk hinted on Twitter that the company was considering selling its bitcoin. The cryptocurrency's reputation has taken a hit from the mercurial Mr. Musk's transformation from a booster to a critic.
The logistics arm of Chinese e-commerce giant JD.com plans to raise as much as $3.4 billion through an initial public offering.
Indonesian startups Gojek and Tokopedia said they would combine to create a ride-hailing, e-commerce and financial-service company called GoTo, with plans to bring it public by the end of this year.
Microsoft shares fell after The Wall Street Journal reported that the software giant's board had investigated a relationship between founder Bill Gates and a female Microsoft employee before he resigned from the board in 2020.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-17-21 1739ET
