Shares of technology companies were flat as the Magnificent Seven mega-cap tech firms hovered near all-time highs.

Shares of Apple rose 0.3%, bringing the market capitalization of the iPhone maker to a staggering $3.92 trillion. "After some consolidation throughout the summer, momentum returned for most mega-cap stocks in November, said Adam Turnquist, chief technical strategist at brokerage LPL Financial.

"Since Election Day, the Mag[nificent] Seven Index has rallied over 20%, widely outpacing the cap-weighted and equal-weighted versions of the S&P 500. In fact, the Mag Seven components have contributed to about 85% of the S&P 500's 4.5% gain since Election Day," he said.

Taiwan blocked ride-hailing app Uber Technologies' planned $950 million takeover of Foodpanda's local delivery business on anticompetition concerns, thwarting the U.S. company's efforts to expand in Asia.

Microsoft recently added AI assistant Copilot to its consumer subscription service for software including Word, Excel and PowerPoint in Australia and several Southeast Asian countries.

WiSA Technologies shares rose after the company said it agreed to buy CompuSystems, a provider of registration, data analytics and lead management services for live events.

Chinese smart-phone maker Xiaomi will join the electric-vehicle charging networks of rivals NIO, XPeng and Li Auto, giving customers of its emerging auto business access to tens of thousands of charging stations in China.

Chinese e-commerce giant Alibaba Group Holding and South Korean retailer E-Mart plan to set up an online shopping joint venture.

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

(END) Dow Jones Newswires

December 26, 2024 17:30 ET (22:30 GMT)

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