Tech Down on Retreat from Risky Sector Continues -- Tech Roundup

Shares of technology companies fell as a long retreat from the sector continued.

Rising interest rates, a spike in inflation, and geopolitical turmoil has caused a major reassessment of risk in investment portfolios. After years of torrid gains, the richly valued tech sector is viewed as the most risky sector.

The SPDR Select Sector technology exchange-traded fund, which tracks the tech sector of the S&P 500, is now down by 13% for 2022 so far, close to its lows of the year.

Virgin Galactic Holdings said Chamath Palihapitiya is stepping down as chairman at the spaceflight company he helped to take public using a blank-check company. Mr. Palihaptiya, a former Facebook executive, was instrumental in the rise to popularity of SPAC investments.

Sports-betting company DraftKings posted higher revenue for the holiday quarter, but said it expects its adjusted loss to widen this year as it launches in new states like New York and Louisiana.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

02-18-22 1719ET