Shares of technology companies fell as traders rotated back into cyclical sectors, cashing out of a sector that's seen as less dependent on macroeconomic growth.
Apple shares initially rallied after Bloomberg News reported that the device maker's latest iPhone would have major upgrades, such as the ability to shoot video in "cinematic" style. But Apple shares later lost ground, as part of a broader rotation out of the richly valued tech sector.
Shares of Fisker rallied after analysts at brokerage Morgan Stanley resumed coverage of the electric-car maker with an overweight rating and a $40 price target.
Japanese investment firm SoftBank Group said it's holding back on new investments in China while it sees how the country's tech crackdown plays out, in the latest sign of how Beijing's move to tame its technology sector is rippling through the global economy.
HotelPlanner and Reservations.com have agreed to merge and go public through a special-purpose acquisition company, the companies said.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-10-21 1724ET
