Tech Down as Traders Continue to Flee Sector -- Tech Roundup

Shares of tech companies declined as traders continued to rotate out of the sector that led the market in the first half of the year.

The $2.7 billion fine levied against Alphabet's Google has had something of a chilling effect on the sector. "The number of fines and penalties being imposed on US internet/media companies by EU entities suggests that there are growing worries over their monopolistic powers," said analysts at brokerage Jefferies, in a research note.

Electric-car maker Tesla Chief Executive Elon Musk signaled an even tighter production schedule for his company's new mass-market Model 3 sedans, with the first cars due to be delivered later this month.

Microsoft reorganized its global sales group, and the move will lead to layoffs at the software giant, The Wall Street Journal reported.

(-By Rob Curran,

(END) Dow Jones Newswires

July 03, 2017 16:36 ET (20:36 GMT)