Tech Declines as Apple Gets Downgrade - Tech Roundup
Shares of technology companies fell as traders hedged their bets on the sustainability of a historic rally in the sector.
Most of the leading investments during the current bull market, which has seen the overall value of stocks rise by trillions of dollars, has been concentrated in the tech sector.
Now, there are concerns that valuations are stretched.
Apple shares fell after analysts at brokerage Jefferies cut their ratings on the gadget giant, citing signs of weakness in demand for its new iPhone 16 line.
A surge in Nvidia continued. A judge ordered Google to make it easier for developers of mobile app stores to compete on phones and tablets that use the company's Android software, a blow to the search giant as it navigates numerous legal threats.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
October 07, 2024 17:20 ET (21:20 GMT)
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