Shares of technology companies fell, but not by as much as the broad market, as strategists continued to express optimism about the future of artificial-intelligence business.
The SPDR Select Sector Technology exchange-traded fund, which tracks the tech industry group of the S&P 500, remains 2% higher for 2024 so far, even as the S&P 500 slips into the red.
"We believe AI will remain the key theme driving global tech stocks again this year and the rest of the decade," said Solita Marcelli, chief investment officer, Americas, at money manager UBS Global Wealth Management.
Apple's App Store payment policies have provoked outrage among software developers such as Fortnite creator Epic who say the iPhone maker is skirting the intention of a court ruling.
Separately, Apple was denied a request to stay the implementation of a U.S. import ban of its smartwatches while the company appeals a federal trade ruling.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-17-24 1723ET
