Shares of technology companies rose as traders rotated back into the sector, chasing another burst of upward momentum.
Apple shares tested record highs, adding 2% amid growing anticipation of major upgrades on the latest generation of iPhone.
Six months after closing a funding round that doubled its valuation, Reddit locked in a roughly 50% increase, raising $410 million from Fidelity Investments at a valuation of about $10 billion, driven by money managers hunting for investments and its role in the Wall Street trading frenzy.
Alibaba Group Holding announced new policies to combat sexual harassment, a response to sexual-assault allegations by a female employee that rocked the company and caused widespread public backlash in the past few days.
Shares of Micron Technology and other memory-chip makers such as Western Digital fell sharply after brokerage Morgan Stanley published a report titled "Winter Is Coming," warning of a difficult pricing environment heading into next year.
Chinese contract tech manufacturer Foxconn Technology said second-quarter net profit rose 30% from a year earlier.
Shares of vacation-rental site Airbnb rose after-hours in the wake of a strong earnings report. Shares of electric-car maker Fisker tumbled after it raised capital through an offering of convertible debt.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-12-21 1723ET
