Shares of technology companies rose, but not by as much as the broad market, as investors continued to retreat from "stay-at-home" bets and buy into sectors that have more to gain from a Covid vaccine and a return to normal social activity.
After the market closed, President Donald Trump estimated that most Americans would have access to a vaccine by April.
Zoom Video Communications slid by more than 5%, capping a volatile week. Amazon.com was also lower, while Facebook and others trailed the gains of the broad market.
The disclosure that Pfizer and partner BioNTech were on the cusp of a viable vaccine caused a rejiggering of investor portfolios early in the week, with a rotation out of mega cap tech stocks and into cyclical sectors like energy, materials and financials.
Shares of network technology maker Cisco surged after it forecast full-year financial performance exceeding Wall Street targets.
Chip makers rose after Applied Materials forecast sales growth above the average Wall Street estimate.
Shares of electric-car maker Tesla slipped after Chief Executive Elon Musk tweeted that he may have contracted Covid 19.
President-elect Joe Biden could take on a broader agenda on technology and the U.S.-China rivalry, said Eric Sayers, an adjunct senior fellow at think tank Center for a New American Security.
Shares of luxury reseller Farfetch rallied after its quarterly sales growth topped Wall Street estimates.
Federal officials have granted TikTok and its Chinese parent ByteDance a 15-day extension of a deadline for completing a divestiture deal, in another delay of the Trump administration's efforts to turn the social-media app into an American company.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-13-20 1743ET
