The tech sector gave back some of its recent gains as some saw Alibaba Group's stock-market debut as the peak of a trend toward overvaluing tech stocks. Shares of the Chinese ecommerce giant were priced at $68 apiece in Thursday's initial-public offering and traded hands for almost $100 a share during their debut session. Yahoo shares declined, despite the accrual of billions of dollars in gains from the U.S. Internet portal's holdings in Alibaba.

Apple dipped even as the Silicon Valley giant's iPhones went on sale in stores around the globe, inspiring long lines wrapping around city blocks. Concur rallied after the maker of software that helps employees manage expense accounts agreed to a buyout from German business software giant SAP for $8.3 billion.

-Rob Curran, rob.curran@dowjones.com

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