Shares of technology companies rallied as investors rotated back into growth sectors, spurred by a retreat in Treasury yields.
A strong inverse correlation has developed in recent weeks between the 10-year Treasury yield and the tech sector of the Standard & Poor’s 500. The SPDR Select Sector Technology exchange-traded fund, which tracks the tech industry group of the S&P 500, rose by almost 2%, even as the broader index saw a modest gain of less than 1%.
British food-delivery app Deliveroo, backed by Amazon.com, set a price range for its planned London listing with a valuation of as much as $12 billion, despite mixed stock-market performance from U.S. peers GrubHub and DoorDash.
Software giant Microsoft, one of the first American companies to ask staff to shift to remote work more than a year ago as the pandemic hit, is making plans to bring employees back to the office.
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(END) Dow Jones Newswires
March 22, 2021 17:30 ET (21:30 GMT)
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