Shares of technology companies fell as traders continued to dump mega-cap tech stocks.

The Roundhill Magnificent Seven exchange-traded fund fell by 2.8% and is now down 15% for the year to date.

Electric car maker Tesla has lost 37% of its value so far this year.

The U.S. producer price index was unchanged on a month-to-month basis in February, a more benign rate of wholesale inflation than economists had anticipated.

Intel shares rose after the chip giant named Lip-Bu Tan as its new chief executive, selecting a former board member and longtime industry executive to help turn around the beleaguered semiconductor company.

Intel has reportedly been in negotiations with Taiwan Semiconductor Manufacturing and others about a purchase of its manufacturing arm.

Shares of design software maker Adobe fell as traders looked askance on its earnings report, despite robust growth.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

March 13, 2025 17:46 ET (21:46 GMT)

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