Sector Update: Tech Stocks Slide Late Afternoon

MT Newswires Live11-07

Tech stocks fell late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 1.5% and the SPDR S&P Semiconductor ETF (XSD) declining 1.2%.

The Philadelphia Semiconductor index shed 1.3%.

In corporate news, Microsoft (MSFT) AI is working on an artificial intelligence called "Humanist Superintelligence," designed to make advances in fields such as medicine, clean energy, and science. Microsoft shares fell 1.7%.

Qualcomm (QCOM) shares dropped 3% after the company reported strong Q4 results. Still, growth could slow in fiscal Q2, BofA Securities said in a note Thursday. The results were partly driven by handset demand in China thanks to product launches and holiday timing, the note said, adding that some of the strength is cyclical and potentially short-lived.

SAP (SAP) is preparing to offer formal concessions to the European Commission to settle an antitrust probe and avoid a potential hefty fine, Reuters reported. SAP shares shed 2.5%.

Datadog's (DDOG) shares surged 23% after it lifted its full-year outlook and its Q3 results surpassed Wall Street's projections.

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