Shares of technology companies fell slightly as traders rotated out of the 2024 leaders into laggards such as industrial and materials sectors that have more to gain from a rate cut in the coming months.
The Roundhill Magnificient Seven exchange-traded fund, which tracks the seven largest tech companies, those responsible for the majority of the S&P 500 gains for the year to date, is down about 3% in the last five sessions, even as the Russell 2000 index of small caps has risen by 11%.
U.K. antitrust officials are weighing whether Microsoft's partnership with Inflection AI and the hiring of former employees poses a threat to competition, the latest probe into the tech company's ties with artificial-intelligence startups amid heightened scrutiny on both sides of the Atlantic.
Match Group shares rose after activist investor, Starboard Value purchased a stake in the owner of Tinder.
Elon Musk has said he plans to commit around $45 million a month to a new super political-action committee backing former President Donald Trump's presidential run.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-16-24 1712ET
