Shares of technology companies edged lower as the retreat from the high-flying sector continued.
Recent weakness in tech shares has left the Nasdaq off 4% from its February record. "Tech is the funding source for reallocation," said Jamie Cox, managing partner for Harris Financial Group. "You're restoring the allocations that you had pre-pandemic."
Supply-chain problems continued to hamper some businesses. Samsung, the world's largest maker of smartphones, said a severe global shortage in chips would hurt its business into the next quarter. The South Korean company also said it might withhold launching a new model of one of its most popular handsets, though it said the move was aimed at keeping it from competing with an existing handset.
Federal antitrust officials are unlikely to mount a Supreme Court appeal seeking to revive their case alleging leading chip maker Qualcomm engaged in illegal monopolization, The Wall Street Journal reported, citing people familiar with the matter.
Bilibili, the operator of a video app popular with young Chinese videogame and animation fans, is capitalizing on a huge run-up in its shares to raise nearly $3 billion in Hong Kong.
France's competition regulator rejected a plea from advertising companies and publishers to block Apple's plan to restrict tracking of individuals' mobile-app usage. In a potential blow to smaller companies hoping to block big-tech rivals' privacy initiatives on antitrust grounds, the French regulator said that Apple's plan to require apps to obtain consent from users to track them "doesn't appear to be abusive."
Meanwhile, Google is reducing the cut it takes from app sales in its Play store, joining rival Apple in shrinking commissions as the power the tech giants wield through their digital marketplaces has drawn the ire of developers and scrutiny of regulators.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
03-17-21 1849ET
