Sector Update: Tech Stocks Fall Late Afternoon

MT Newswires Live11-12

Tech stocks were in the red late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) shedding 0.7% and the SPDR S&P Semiconductor ETF (XSD) slumping 2.9%.

The Philadelphia Semiconductor index dropped 2.7%.

In corporate news, Sapiens International (SPNS) shares sank 26% after the company reported Q3 revenue that trailed estimates and lowered its 2024 non-GAAP revenue guidance.

Celanese (CE) shares dropped 6.8% after rating downgrades at UBS and BMO Capital.

MicroStrategy's (MSTR) shares jumped more than 28% after the company announced updates regarding its bitcoin purchases and capital market activities.

Monday.com's (MNDY) Q3 results beat Wall Street's estimates, but its enterprise customer additions took a hit amid a choppy macro environment. The shares tumbled 15%.

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