Shares of technology companies fell after an unexpected contraction of the jobs market in February caused a flight from risk.
The SPDR Select Technology Sector, which tracks the technology industry group of the S&P 500, fell by more than 2% and is now down by 10% since its October peak.
Marvell Technology jumped 16% after the chip maker beat analysts' fourth-quarter earnings estimates and issued solid guidance, citing robust artificial-intelligence demand.
The company expects year-over-year revenue growth to accelerate each quarter in the current fiscal year 2027. The results echoed those of rival Broadcom, another chip designer who cited strong AI demand.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-06-26 1713ET
