Tech Up as Risk Aversion Wanes — Tech Roundup
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Shares of technology companies ticked up as a rout in risky corners of the market eased.
“We rallied about 13% from midJune lows” on the broad S&P 500, said Oliver Pursche, senior vice president at financial advisory Wealthspire.
“To give back a couple of percent is healthy.”
Among the tech stocks with the largest weightings on the S&P 500, Apple remains more than 10% above levels a month ago, even after slipping about 4% in recent sessions.
Apple shares ticked up after it touted a Sept. 7 launch event at which it is expected to unveil new iPhones.
Meta Platforms shares rose after the Federal Trade Commission said it would drop Mark Zuckerberg from a lawsuit filed last month seeking to block Meta from buying a small virtual-reality company.
ScanSource shares slid after the cloud-computing concern reported fourth-quarter earnings that missed analysts’ expectations.
Peloton Interactive started selling its fitness equipment and apparel on Amazon.com, a move intended to increase distribution of its products as the company struggles with weak demand and a sagging stock price.
Write to Rob Curran at rob.curran@dowjones.com
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