Shares of technology companies fell slightly after the November jobs report spurred fears of overheating wage growth.
The tech sector surged earlier this week on hopes that the Federal Reserve was planning to downshift in its rate-hike campaign.
A large 75-basis-point rate increase is "back in play" after the jobs report, said strategists at brokerage Barclays.
Shifts in interest-rate outlook have an outsized impact on the technology sector. "'Mega' tech enjoyed having zero interest rates," said Quincy Krosby, chief global strategist at brokerage LPL Financial. "That was mega tech's nirvana."
Bets that the Fed was set to slow down rate increases also weighed on the dollar this week, a boon for multinational U.S. corporations, the strategist noted.
"That's another tailwind for the market and big tech, which has a global footprint," said Ms. Krosby.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-02-22 1733ET
