Communications services companies fell as investors retreated from some of the most richly valued sectors.
For months, growth stocks, those that carry a relatively high valuation as measured by earnings, have outperformed value stocks, those with a relatively low price tag. That reversed itself in the last couple of days.
SoftBank Group shares fell after reports the Japanese investment firm and telecom carrier made a multibillion dollar bet on U.S. tech giants, the latest in Cinema chain AMC Entertainment Holdings is enticing risk-hungry stock investors to gamble on its recovery as the cinema chain continues its efforts to avoid bankruptcy, planning to raise about $180 million in equity, an unusual move for a distressed company whose bonds at roughly 40 cents on the dollar.
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