Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Tech Down On Rotation Into Value Sectors -- Tech Roundup

10/22/2020 | 05:11pm EST

Shares of technology companies fell as investors rotated into "value" sectors that have more to gain from the passage of an economic stimulus bill.

Mega-cap tech giants such as Apple and Amazon.com surged during the second and third quarters as they were among the few companies that were able to grow revenue during the pits of the pandemic lockdown. Strategists say investors are now booking profits in these richly priced growth stocks and may be rotating into materials, financials, airlines and other value stocks that have lagged the market during the recent rebound.

"The tech sector has done so well," said Joe Kinahan, chief market strategist at TD Ameritrade. The sector was "maybe pressured by people taking some profits on the sector, as they start to decide where to redeploy their money, on the reopening trade or the stimulus trade wherever it may be."

Shares of electric-car maker Tesla rose slightly after it posted robust quarterly earnings and reiterated its goal of selling half-a-million vehicles in 2020.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

10-22-20 1710ET

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.11% 122.94 Delayed Quote.67.17%
TD AMERITRADE HOLDING CORPORATION -2.08% 39.97 End-of-day quote.-19.58%
TESLA, INC. 4.32% 593.38 Delayed Quote.579.87%
Latest news "Economy & Forex"
05:39pWORLD BANK : Announces $14 Million Bond Payment for Methane and Nitrous Oxide Reduction
PU
05:34pTrump administration adds China's SMIC and CNOOC to Defense blacklist
RE
05:30pBritain to target at least 68% cut in emissions by 2030 from 1990 levels - government
RE
05:27pSuarez set for Atletico return after negative COVID-19 test
RE
05:23pUtilities Down As Investors Rotate Into Other Sectors -- Utilities Roundup
DJ
05:23pS&C ELECTRIC : Decarbonization Grows as a Goal, But Can Our Grid Infrastructure Support It?
PU
05:22pCommunications Services Down Amid HBO Max Distribution Plan - Communications Services Roundup
DJ
05:20pTech Slips As Investors Rotate Into Other Sectors -- Tech Roundup
DJ
05:18pFinancials Up, But Gains Moderate After Pfizer Warning -- Financials Roundup
DJ
05:17pConsumer Cos Tick Higher On Vaccine Optimism -- Consumer Roundup
DJ
Latest news "Economy & Forex"