Technology Shares Move Lower — Tech Roundup
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Shares of technology companies slipped as jobs data left investors with a mixed picture.
A key pillar of the economy remains strong, which should be good news for markets. But the strong data means the rate increases that have sent stock and bond prices lower this year aren’t likely to go away anytime soon.
In corporate news, Lyft said belt tightening amid rising inflation and slowing economic growth helped deliver a stronger-than-expected adjusted operating result.
Zillow Group’s shares fell after the online real-estate company issued a third-quarter outlook reflecting the slowing demand in the housing market from higher home prices, mortgage rates, and inflation. Zillow also said it entered a multiyear exclusive partnership with Opendoor that will give home sellers on Zillow’s platform the ability to request an offer on their home directly from Opendoor.
Oracle laid off hundreds of employees this week as the business software provider prioritizes its healthcare IT services and cloud businesses, according to people familiar with the company’s actions. The job cuts principally hit staff at Oracle’s advertising and customer experience group, the people said.
Write to Amy Pessetto at amy.pessetto@dowjones.com
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