Sector Update: Tech Stocks Retreat Late Afternoon

MT Newswires Live05:00

Tech stocks fell late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) declining 2.4% and the SPDR S&P Semiconductor ETF (XSD) dropping 3.1%.

The Philadelphia Semiconductor index slumped 3.4%.

In corporate news, Palantir Technologies (PLTR) shares jumped 9.8%, a day after the company announced a transfer of its stock listing to Nasdaq from the New York Stock Exchange.

Reliance has asked India's telecom regulator to reassess the impact of Elon Musk's Starlink and Amazon's (AMZN) Kuiper satellite services before allocating satellite spectrum, Reuters reported Friday, citing a letter from Reliance owner Mukesh Ambani. Amazon shares fell 4.1%.

Digital Turbine (APPS) shares tumbled 6.8% after BofA Securities downgraded the company's stock to underperform from neutral.

Applied Materials (AMAT) shares sank 9.3% after the company reported a decline in fiscal Q4 GAAP earnings.

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