Shares of technology companies rose as the dollar retreated, boding well for a continued drop in Treasury yields.
"The prospect of lower rates helps Big Tech," said Quincy Krosby, chief global strategist at brokerage LPL Financial. Weaker inflation "also helps ease the U.S. dollar against developed country currencies because the Fed, in essence, becomes less hawkish, less aggressive, and the so-called interest rate differential disappears."
The weaker dollar is "important for tech, because so much of big tech has a strong global footprint," said Ms. Krosby, noting that major companies such as Apple and Microsoft cited a strong dollar as a headwind in their latest earnings reports.
Beleaguered cryptocurrency platform FTX filed for bankruptcy protection, and said high profile Chief Executive Sam Bankman-Fried resigned from his position.
SoftBank Group posted its first profit in three quarters after the Japanese tech investment giant sold part of its stake in Chinese online bazaar Alibaba.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-11-22 1740ET
