(Corrects to reflect that Broadcom shares fell after the company reported fiscal Q2 results.)
Technology stocks were falling pre-bell Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 2.1% and the State Street SPDR S&P Semiconductor ETF (XSD) 3.2% lower.
Broadcom (AVGO) stock was down more than 14% after the company reported fiscal Q2 results.
Healthcare stocks were higher Thursday afternoon, with the NYSE Healthcare Index climbing 3.3% and the State Street Health Care Select Sector SPDR ETF (XLV) rising 2.9%.The iShares Biotechnology ETF (IBB) added 2.4%.In corporate news, Eli Lilly (LLY) shares climbed 5.1% after Ascidian Therapeutics said Lilly will receive exclusive, target-specific rights to Ascidian's RNA exon editing technology for undisclosed kidney disease targets in exchange for up to $1.9 billion under a research partnership and licensing deal.
Consumer stocks advanced Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.4%.In corporate news, Costco (COST) shares rose 1.7% after the company reported net sales of $24.01 billion in May, up from $20.97 billion a year earlier.
Tech stocks were lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.7%.The Philadelphia Semiconductor index dropped 2.1%.In corporate news, Broadcom (AVGO) shares fell past 13% after it reported fiscal Q2 results late Wednesday. The company's fiscal Q3 AI revenue outlook likely fell short of investor expectations, while Q2 results were slightly ahead of consensus, RBC said in a note.