Sector Update: Tech Stocks Slide Friday Afternoon

MT Newswires Live11-16 02:45

Tech stocks fell Friday afternoon with the Technology Select Sector SPDR Fund (XLK) declining 2.6% and the SPDR S&P Semiconductor ETF (XSD) dropping 3.1%.

The Philadelphia Semiconductor index slumped 3.4%.

In corporate news, Applied Materials (AMAT) shares tumbled 8.5% after the company reported a decline in fiscal Q4 GAAP earnings.

Alibaba's (BABA) fiscal Q2 earnings declined less than expected but sales fell short of Wall Street estimates while the company's Cloud revenue grew year over year. Its shares shed 2.3%.

Meta (META) plans to appeal court rulings that allowed schools in the US to proceed with lawsuits accusing social media applications of contributing to the youth mental-health crisis, Bloomberg reported. Meta shares were falling 4.1%.

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