Shares of technology companies rose as traders rotated back into the sector, chasing recent gains.
One brokerage said the tech sector is once more gathering upward momentum after falling out of favor earlier this year. "The theme of 2021 has been rotation, rotation, rotation," said Scott Brown, technical strategist at brokerage LPL Financial.
According to one technical indicator tracked by Mr. Brown, the tech sector's momentum as compared with the broad Standard & Poor's 500 is at its strongest in 14 months. "Tech is leading again," Mr. Brown said.
Shares of Facebook and Instagram owner Meta fell after a bipartisan coalition of state attorneys general said it's investigating how Instagram recruits and affects young people, amping up the pressure on parent company Meta Platforms over the potential harm to its users.
Shares of Chinese online bazaar Alibaba Group Holding fell sharply after it cut its revenue growth projection, citing economic conditions and competition, and said investments in publicly traded companies weighed on its quarterly earnings.
The price of digital currency bitcoin continued to slide, trading below $58,000, about 16% below its recent all-time high.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-18-21 1740ET
