Shares of technology companies ticked up as traders rotated out of value sectors into growth sectors.
Actively managed mutual funds have cut exposure to big tech companies in recent months even as hedge funds have doubled down on stocks such as Facebook, Microsoft, Amazon.com and Google parent Alphabet, said strategists at brokerage Goldman Sachs, in a note to clients.
The split reflects broader confusion in the stock market this year, as "investors have grappled with uncertainty about the Delta variant, economic growth, Fed policy and tax reform," said the Goldman strategists.
The price of bitcoin tumbled on the day that El Salvador began accepting the digital currency as legal tender, highlighting the challenges that volatile cryptocurrencies face as alternatives to conventional currencies.
Intel plans to build new chip-making facilities in Europe valued at up to $95 billion, responding to a cross-border race to add manufacturing capacity at a time of a global chip-supply crunch.
Apple scheduled an event for Sept. 14, called "California Streaming," at which the company is expected to unveil its latest line of iPhones.
Chinese authorities said the actions of a manager with e-commerce giant Alibaba Group Holding accused of sexually assaulting a co-worker didn't rise to the level of a crime, dropping a case that had drawn widespread public attention.
Shares of online dating concern Match Group rallied after a decision to add the company's shares to the widely followed Standard & Poor's 500 index.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-07-21 1718ET
