Sector Update: Tech Stocks Gain Late Afternoon

MT Newswires Live11-02

Tech stocks were higher late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.8% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.1%.

The Philadelphia Semiconductor index advanced 1.3%.

In corporate news, Meta (META) failed to convince a UK court to let it challenge a class action lawsuit that alleges Facebook exploited its dominant position and users' personal data, Bloomberg reported. Meta shares were down 0.2%.

DigitalBridge (DBRG) shares tumbled past 15% after the company's Q3 distributable earnings and revenue declined year-on-year and its revenue came in below analysts' estimates.

Amazon (AMZN) late Thursday reported Q3 results that surpassed Wall Street's estimates as it logged double-digit revenue gains for its cloud-computing platform and advertising business. Its shares jumped past 6%.

Apple (AAPL) reported better-than-expected fiscal Q4 results late Thursday amid higher iPhone and Mac sales, while it incurred a one-time tax charge of $10.2 billion related to an EU court order in September. Its shares were falling 1.4%.

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