Tech Down on Rotation Out of Sector -- Tech Roundup

Features Dow Jones Newswires

Shares of tech companies fell as traders rotated out of the leading sector in the bull market so far. The prospects of higher interest rates and lower taxes have led many investors to reallocate money from tech stocks into financial stocks, who have the most to gain from those trends, said Quincy Krosby, chief market strategist at Prudential Financial. The music group of Chinese internet giant Tencent Holdings and Sweden's Spotify are in talks to swap stakes of up to 10% in each other's businesses ahead of their expected stock-market debuts next year, The Wall Street Journal reported. Facebook's Watch video business could be a meaningful new source of revenue, said analysts at brokerage Morgan Stanley, in a research note.

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-Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

December 01, 2017 16:23 ET (21:23 GMT)