Technology stocks stumbled on Friday, dragging down the Nasdaq composite index.
Amazon fell 3.2 percent, Facebook dropped 3.3 percent, Apple fell 3.9 percent, Netflix ended down 4.7 percent, while Alphabet, the parent company of Google, slid 3.4 percent.
Earlier this week, some investors were anxious that these stocks had risen far faster than the major market indexes.
“It is a rotation today and it is out of tech into some of the other sectors,” Mark Kepner, managing director of sales and trading at Themis Trading in Chatham, New Jersey, told Reuters.
What to Watch For:
• Britain’s election has resulted in a hung Parliament, with no single party retaining an overall majority. With negotiations underway to determine who will lead the next government, the pound has dropped sharply amid the uncertainty.
• Don’t forget to read the DealBook Morning Agenda.
L’Oréal Looks to Sell The Body Shop
L’Oréal, the French cosmetics and luxury goods company, said on Friday that it had entered into exclusive talks to sell The Body Shop retail chain to Natura Cosméticos of Brazil.
The potential transaction would value The Body Shop at 1 billion euros, or about $1.1 billion.
The decision to sell the business followed an “extensive review” of strategic options for The Body Shop, which L’Oréal acquired in 2006, L’Oréal said.
The Body Shop was founded in 1976 in Britain and operates in more than 60 countries. It reported retail sales of €1.5 billion in 2016.
The transaction would be subject to regulatory approval and would be expected to close later this year.
Shares of L’Oréal were up less than 1 percent in trading in Paris on Thursday morning. — CHAD BRAY
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