Sector Update: Tech Stocks Decline Wednesday Afternoon

MT Newswires Live03:05

Tech stocks fell Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) down 0.3% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.9%.

The Philadelphia Semiconductor index shed 1.3%.

In sector news, a tech group representing companies such as Amazon (AMZN), Microsoft (MSFT) and Meta (META) called on the Biden administration to avoid implementing a rule that would curtail international access to AI chips, Reuters reported Tuesday, citing the group's letter to US Commerce Secretary Gina Raimondo.

In corporate news, Meta (META) said it will roll out a test in the US, France, and Germany for buyers to browse eBay (EBAY) listings on Facebook Marketplace and then complete the transactions on eBay. EBay shares jumped 9.3%, and Meta shed 1.3\2%.

Quantum computing stocks plunged after Nvidia (NVDA) Chief Executive Officer Jensen Huang said that "very useful quantum computers" are likely 20 years away. Rigetti Computing (RGTI) shares slumped 45%, Quantum Computing (QUBT) dropped 42%, IonQ (IONQ) slid 41%, and D-Wave Quantum (QBTS) lost 36%.

Palo Alto Networks (PANW) shares fell 2.9% after Deutsche Bank downgraded the stock to hold from buy and cut its price target to $190 from $207. BTIG also lowered the stock to neutral from buy.

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