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Tech Down on November Jobs Report -- Tech Roundup

12/02/2022 | 05:34pm EST

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

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.60% 0.6932 Delayed Quote.1.54%
BARCLAYS PLC 0.78% 187.8 Delayed Quote.17.68%
BRITISH POUND / US DOLLAR (GBP/USD) -0.03% 1.20205 Delayed Quote.-0.43%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.21% 0.7446 Delayed Quote.1.04%
EURO / US DOLLAR (EUR/USD) -0.10% 1.0719 Delayed Quote.0.81%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.03% 0.012091 Delayed Quote.0.62%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.14% 0.6317 Delayed Quote.-0.36%
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