Shares of communications services companies fell amid growing concerns over inflation and rising borrowing costs.

YouTube, owned by Alphabet's Google, faces growing competition from Netflix on turf it has controlled for two decades. The platform known for "Stranger Things" and "KPop Demon Hunters" is writing big checks to lure the producers of shows like "Good Mythical Morning" and "Alan's Universe" to make Netflix their second home. But YouTube said it has better tools for digital producers that could help it to keep more of their content exclusively. The company announced new features for YouTubers who want to make microdrama series, translate livestreams into Spanish, or use artificial intelligence to help edit scripts and videos.