Shares of technology companies fell in volatile trading, as investors continued to retreat from the leading sector of the pandemic-era market craze.
The Federal Reserve's pivot to rate-hiking has hit the tech sector particularly hard because of concerns about valuations.
Shares of graphics chip maker Nvidia fell after a report indicated that the company is preparing to give up on its planned purchase of Arm Ltd. from Japanese tech investment firm SoftBank Group. Nvidia shares are down by roughly one third since their peak in November.
Shares of International Business Machines rose after the computer services giant posted fourth-quarter revenue growth ahead of Wall Street targets.
Shares of electric car maker Tesla recouped some of their recent losses, as did other high-risk, popular tech investments such as bitcoin and other cryptocurrencies.
"I will eat a happy meal on tv if @McDonalds accepts Dogecoin," said Elon Musk, chief executive of Tesla, in a tweet Tuesday morning that sparked a rally in cryptocurrency Dogecoin.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-25-22 1723ET
