Shares of technology companies rose slightly, clawing back a modicum of Tuesday's losses after a volatile session.
A rebound in the tech sector came screeching to a halt when inflation data hit the tape Tuesday, resulting in the biggest selloff for the Nasdaq Composite in more than two years.
"Tuesday's selloff is a reminder that a sustained rally is likely to require clear evidence that inflation is on a downward trend," said Mark Haefele, chief investment officer at money manager UBS Global Wealth Management, in a note to clients. Mr. Haefele noted some incipient signs of inflation peaking in the Labor Department data, including drops in smartphone and television prices.
Japanese tech investment giant SoftBank Group is considering the launch of a new giant startup investment fund, seeking to reset its business after poor performance from its existing two funds.
About You Holding shares slid after the fashion e-commerce platform warned its profit would lag expectations, citing weak demand.
Alphabet's Google lost most of its appeal to overturn the largest antitrust fine it has so far faced globally, a boost to the European Union's campaign to rein in alleged anticompetitive conduct by big tech companies. Separately, Google is reining in spending on an internal startup incubator.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-14-22 1709ET
