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Sectors
Sector Update: Tech
Tech stocks were lower Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 3.9%.The Philadelphia Semiconductor index dropped 1.9%.In corporate news, Microsoft (MSFT) and OpenAI have amended their partnership under which the tech giant will no longer pay a revenue share to the ChatGPT maker, among other things, with Wedbush Securities calling the development a net positive for Microsoft. Microsoft shares were easing 0.1%.
$MSFT
Sectors
Sector Update: Health Care
Health care stocks were steady to lower Monday afternoon with the NYSE Health Care Index little changed and the State Street Health Care Select Sector SPDR ETF (XLV) easing 0.2%.The iShares Biotechnology ETF (IBB) fell 0.1%.In corporate news, Organon (OGN) shares jumped 17% after the company agreed to be acquired by India's Sun Pharmaceutical Industries $14 a share in cash, valuing the company at $11.75 billion.
$OGN
Treasury
US 5-Year Auction High Yield Falls From Previous Month, Demand Higher
The US Treasury's 5-year auction hit a high yield of 3.955% on Monday, down from the 3.980% high in the previous auction.The bid to cover ratio for the auction was 2.33, above the 2.29 ratio in the previous auction.Dealers represented 55.38% of the bids, with direct bidders at 7.89% and indirect bidders at 36.74%.For takedown, dealers took 12.68%, with direct bidders at 15.03% and indirect bidders at 72.29%.