Shares of technology companies rose as a rotation out of the sector into financials, energy and other cyclical areas paused.
A wave of dealmaking also buoyed demand for the sector. Buy-now, pay-later financial-technology firm Affirm Holdings rallied on its stock-market debut, continuing a strong run for fintech firms. Poshmark, the online marketplace for secondhand goods, is set to go public as early as Thursday, the latest e-commerce site to tap increased demand for initial-public offerings.
Mobile-phone chip giant Qualcomm agreed to buy Nuvia, a chip startup founded by former Apple engineers, adding to a wave of deals remaking the semiconductor industry as chips become a more critical component to cars, appliances and other products.
The U.S. government will likely allow Americans to continue to invest in Chinese technology giants Alibaba Group Holding, Tencent Holdings and Baidu, after weighing the firms' alleged ties to China's military against the potential economic impact of a ban.
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(END) Dow Jones Newswires
January 13, 2021 17:35 ET (22:35 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.