Shares of technology companies fell amid concerns about the earnings growth outlook.
Shares of software maker Adobe compounded losses from the previous session, triggered by disappointment in its 2022 earnings estimates. While Adobe technically met Wall Street projections for growth, the selloff "seems more associated with a 'whispered earnings' miss," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund. Adobe was considered a "high quality" bet, almost guaranteed to meet optimistic expectations, the hedge-fund manager said.
"People start to fear who's next to miss," Mr. Di Mattia said.
Alibaba Group Holding sought to reassure investors about its growth trajectory in presentations during its annual investor day, as it also unveiled environmental-sustainability goals, pledging to become carbon neutral in its operations by 2030.
The price of bitcoin was volatile, trading below $46,000 at one stage, before recovering some lost ground.
Top U.S. financial regulators, including Treasury Secretary Janet Yellen, said they are prepared to take action to address risks to the financial system posed by so-called stablecoins, but would first seek congressional action to provide oversight.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-17-21 1719ET
