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Tech Advances Amid Rotation Back Into Growth Sectors -- Tech Roundup

11/12/2021 | 05:11pm EST

Shares of technology companies rebounded as traders hedged their bets on the outlook for inflation and Treasury yields.

Growth sectors such as technology sold off heavily in the wake of a surprisingly stark consumer inflation report Wednesday as investors factored in better returns in lower risk areas such as Treasurys. But upward momentum returned to the tech sector in the latter half of the week.

Tesla shares fell sharply after the electric-car maker's chief executive, Elon Musk, sold another $687 million in shares.

Electric vehicle maker Lordstown Motors shares tumbled after it posted a loss.

The newest electric-vehicle maker on the stock market, Rivian added to robust gains on its debut week of trading.

China's Semiconductor Manufacturing International fell after the chip maker posted an increase in quarterly revenue, and said Vice Chairman Chiang Shang-Yi resigned.

Foxconn Technology Group, the biggest manufacturer of Apple's iPhones, said the global supply-chain crunch is expected to last until the second half of next year, a sign of headwinds that electronics shipments could continue to face.

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

(END) Dow Jones Newswires

11-12-21 1711ET

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