Shares of technology companies rose as momentum continued to build in the sector after a generally strong round of earnings.

Apple, which reported a drop in quarterly revenue, continued to retreat, however. Shares of the largest company by market capitalization fell for the fifth-straight session, the longest losing streak of the year, which has shaved roughly 10% off its value.

The tech sector was one of the biggest laggards during a broad selloff last week. "Red-hot equity markets were doused with a bucket of cold water following a U.S. debt ratings downgrade by one of the major credit rating agencies," said Saira Malik, chief investment strategist at money manager Nuveen.

Tesla Chief Financial Officer Zach Kirkhorn stepped down after more than four years in the role, where he worked behind the scenes to translate Elon Musk's ambitions into reality.

Representatives of Amazon. com are set to meet next week with Federal Trade Commission officials, a person familiar with the plans said, in the latest sign that the agency is close to bringing an antitrust complaint against the online retail giant.

PayPal launched a "stablecoin," or cryptocurrency pegged to the value of the dollar, seeking entry to a business that has proved lucrative for Tether and others.

Write to Rob Curran at

(END) Dow Jones Newswires

08-07-23 1749ET