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Tech Down On Fed Anxiety -- Tech Roundup

08/26/2021 | 05:24pm EDT

Shares of technology companies fell slightly amid investor anxiety ahead of Federal Reserve Chairman Jerome Powell's speech from Jackson Hole, Wyo.

The tech sector has developed an inverse correlation with Treasury yields, which could be boosted by a Fed shift towards a tapering policy.

Shares of Salesforce.com rallied after the cloud computing concern posted quarterly growth that topped Wall Street targets.

Taiwan Semiconductor Manufacturing plans to increase the prices of its most advanced chips by roughly 10%, while less advanced chips used by customers like automakers will cost about 20% more, these people said. The higher prices will generally take effect late this year or next year, the people said.

Electric-truck maker Lordstown Motors said Daniel Ninivaggi, a longtime automotive industry executive and lieutenant to billionaire Carl Icahn, joined as chief executive and a member of the board.

Online car showroom TrueCar has experienced its fourth straight month of declining sales in August.

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

(END) Dow Jones Newswires

08-26-21 1723ET

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