Shares of technology companies rose as investors rotated back into growth sectors.

Value sectors such as materials and energy lured investors out of the tech sector during recent months while the Federal Reserve's policy was spurring inflation, a favorable backdrop for commodities producers; after Wednesday's warning that the Fed was growing more concerned about inflation, investors rotated back into the tech sector, which is focused more on services than on inflation-sensitive goods.

ByteDance, owner of popular short-video app TikTok, told employees that its revenue last year more than doubled to $34.3 billion, underscoring its appeal as a startup investment. Vacation-rental brands such as Airbnb and Expedia Group's Vrbo have rolled out features designed to make it easier to become a host, as they jostle for an anticipated surge in seasonal demand.

Cambridge Mobile Telematics, one of the largest technology firms focused on the growing business of collecting information about individuals' driving habits directly from their vehicles, agreed to buy rival TrueMotion.


 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

06-17-21 1706ET