Tech Up as Momentum Traders Chase Sector Gains -- Tech Roundup

Shares of tech companies rose slightly as this year's momentum sector continued to draw fast money. "Among hedge funds, the highest conviction stocks are increasingly FAANG: Facebook, Amazon, Apple, Netflix, and Alphabet," said analysts at brokerage Goldman Sachs, in a research note. The rebound in "stock pickers" performance this year is largely explained by their concentrated holdings of these surprisingly fast-rising mega cap tech stocks, according to Goldman. Apple revealed a premium voice-activated speaker called HomePod and launched upgrades to its computers and tablets as it seeks to fend off competition on voice-activated technology from Amazon, Alphabet's Google and others.

-Rob Curran, rob.curran@dowjones.com

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(END) Dow Jones Newswires

June 05, 2017 16:27 ET (20:27 GMT)