Shares of technology companies rose, as traders rotated back into sectors seen as sensitive to interest rates.
The SPDR Select Sector Technology exchange-traded fund, which tracks the tech sector of the Standard & Poor's 500, is down 4% for the year to date, as a spike in Treasury yields caused a flight from the richly valued sector.
If yields continue to gain, price-to-earnings multiples will likely be compressed further, but earnings growth could still generate stock gains for some companies, said Eric Marshall, president of mutual-fund firm Hodges Capital.
In the latest sign of mainstream financial institutions embracing digital currencies, TransUnion, one of the three major U.S. consumer credit reporting firms, said it would let consumers give blockchain companies access to their personal credit data.
Most employees of retail-trading platform Robinhood Markets will be working remotely on a permanent basis amid a spike in Covid-19 cases that has many companies rethinking their return to the office.
London-based digital-payments processor Checkout.com raised $1 billion in a recent share sale that valued it at $40 billion.
Business software maker Justworks postponed its initial public offering Wednesday, a day before its planned Nasdaq debut, as newcomers and tech stocks recently have faced a bumpy reception from investors.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-12-22 1719ET
