Shares of technology companies rose as traders rotated back into the sector that bore the brunt of a year-end selloff.
“It seemed to me we got to an oversold condition, in particular in the growth names, Apple, Google, Amazon … the pendulum swung too far,” said Oliver Pursche, senior vice president at financial-advisory Wealthspire.
Global personal-computer shipments fell 28% to 67.2 million units in the fourth quarter from a year ago, according to research firm International Data Group, with all manufacturers except for Apple recording similar double-digit percentage declines from the 2021 holiday season.
Germany’s competition regulator said Alphabet’s Google should give its users more control over how and whether it mixes data from its various services, like its search engine and YouTube, part of a fresh wave of regulatory enforcement in Europe for big tech companies.
Separately, Verily Life Sciences, a healthcare unit of Alphabet, is laying off more than 200 employees as part of a broader reorganization, the first major staff reductions to hit Google’s parent following a wave of layoffs at other technology companies.
Electric-car maker Tesla is exploring $775 million in expansions at its electric-vehicle plant near Austin, Texas, as demand for its cars remains strong.
Write to Rob Curran at [email protected]
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