Technology Shares Continue Gains Led by Chip Stocks - Tech Roundup

Features Dow Jones Newswires

Technology shares led major U.S. stock indexes to fresh intraday records Wednesday, a day after the Nasdaq Composite closed above 7,000 for the first time. Rallying semiconductor stocks have boosted the broader technology sector at the start of 2018, after the PHLX Semiconductor Index added nearly 40% last year. The makers of computer chips used in everything from smartphones to self-driving cars have gotten a boost recently from a Semiconductor Industry Association report that showed a 21.5% increase in world-wide chip sales in November from the same month a year earlier, according to analysts. Advanced Micro Devices added 5.5%, while Nvidia climbed 6.7%, extending gains from Tuesday. Meanwhile, Intel shares fell after British publication The Register reported that some Intel processors have a fundamental design flaw that would require a significant security update of Linux and Windows operating systems. Spotify AB has confidentially filed paperwork with the Securities and Exchange Commission to list its shares on the New York Stock Exchange, according to a person familiar with the listing. This SEC filing is the latest key step in Spotify's plans to go public using an unusual method known as a direct listing. That listing won't be an initial public offering, as Spotify won't seek to raise money as it goes public. (Amy.Pessetto@wsj.com)

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(END) Dow Jones Newswires

January 03, 2018 17:33 ET (22:33 GMT)