Communications services companies rose as traders continued to chase momentum in high-risk sectors.

The SPDR Select Sector Communications exchange-traded fund, which tracks the communications-services industry group of the broad S&P 500, is up by more than 30% for the year to date, amid optimism about initiatives from Netflix and other streaming services to cash in on subscriber interest.

Cellnex Telecom may sell off assets to neutralize debt incurred from its acquisition of Iliad's 30% stake in On Tower Poland, said analysts at brokerage UBS.

Facebook owner Meta Group is struggling to make inroads in China, where it has discussed selling its Quest virtual-reality headsets in partnership with Tencent, The Wall Street Journal reported.


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

(END) Dow Jones Newswires

07-03-23 1439ET