Tech Lower on Valuation Concerns -- Tech Roundup

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Shares of tech companies fell amid concerns about the sector's valuation.

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"2017 was definitely the year of large-cap growth, obviously led by tech, that was sort of the story," said Joe Bell, senior market strategist at Schaeffer's Investment Research. "The sentiment around tech ... has been positive for the past couple of years. At some point, you're going to see a rotation and I would not be surprised if we saw a little rotation out of big growth names, and especially tech."

Apple shares ticked lower after it said it would turn over its cloud computing operations in China to a local partner, which will store backed-up data and photos at a local data center, quelling state concerns.

Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

January 10, 2018 16:34 ET (21:34 GMT)