Sector Update: Tech Stocks Help Fuel Monday Recovery for US Markets

Last Updated: Monday, November 29, 2021 3:53 PM | MT Newswires

Technology stocks continued to fuel Monday's market recovery, with the SPDR Technology Select Sector ETF (XLK) rising 2.7% while the Philadelphia Semiconductor Index was advancing 3.9% this afternoon.

In company news, Weibo (WB) declined 7.2% after Friday announcing a global offering of 11 million class A ordinary shares, consisting of 5.5 million new shares by the Chinese social media company and another 5.5 million shares now held by Sina Corp. The global offering also comprises a Hong Kong public offering of 1.1 million class A shares starting on Nov. 29 and the listing of Weibo's class A shares on the Hong Kong Stock Exchange.

STMicroelectronics (STM) rose 3.1% after saying its ST31N600 microcontroller enables battery-free smartcards to offer enhanced user authentication in contactless and online transactions.

Nokia (NOK) added 1.4% higher after announcing a five-year deal with the Ooredoo Group to bring multiple technologies and services, including 5G connectivity, to customers in the Middle East, North Africa and Southeast Asia.

To the downside, Twitter (TWTR) has turned 1.7% lower, reversing an early 11% advance, after the social media platform Monday said Jack Dorsey was stepping down as CEO and will be succeeded by chief technology officer Parag Agrawal, effective immediately. Dorsey will remain on the Twitter board of directors until his current term expires next year.

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