Tech Lower as Retreat From Sector Builds -- Tech Roundup

FeaturesDow Jones Newswires

Shares of tech companies fell sharply as traders continued a retreat from the sector that had led the stock market for much of the first half of the year.

Shares of Google parent Alphabet slid after the European Union's antitrust regulator on Tuesday fined Google a record $2.71 billion for favoring its own comparison-shopping service in search results. Other tech giants such as Apple, Amazon.com and Facebook fell in sympathy.

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In a note to clients, independent technical analyst Mark Arbeter said momentum has turned on the big tech stocks: after a long period of outperformance, they have trailed the performance of the broad market for weeks and could see larger drops in the near term as the downward momentum builds.

Square Inc., the technology company best known for processing payments for small merchants across the U.S., may soon launch business lending to consumers.

A new wave of cyberattacks targeted thousands of companies world-wide, including shipping giant A.P. Moeller-Maerskand advertising agency WPP.

Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

June 27, 2017 18:06 ET (22:06 GMT)