Shares of technology companies rose, recouping a modicum of substantial losses for the week.
The Technology Select Sector SPDR exchange-traded fund, which tracks the tech industry group of the S&P 500, rose by 0.7% to cut its losses for the week to roughly 1.8%.
Federal Reserve Chairman Jerome Powell jolted markets out of a complacent inflation and interest-rate outlook in midweek comments, causing investors to sell out of rate-sensitive sectors such as technology.
Software giant Microsoft cleared the biggest regulatory hurdle in its $75 billion pursuit of Activision Blizzard after U.K. authorities said in a preliminary decision that the modified deal for the games giant had resolved most of its antitrust concerns.
The chief executives of Cisco Systems and Splunk described artificial intelligence as central to their $28 billion deal, opening a path toward cybersecurity and IT platforms that are more predictive and simpler for organizations to use.
Write to Rob Curran at [email protected]
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