Correction: Sector Update: Tech Stocks Fall Pre-Bell Thursday

(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 2.2% 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.

Taiwan Semiconductor Manufacturing (TSM) CEO C.C. Wei said AI-driven demand for advanced chips will continue to outpace the company's supply capacity for years, despite ongoing expansion efforts, multiple media outlets reported. Taiwan Semiconductor shares were down more than 1% premarket.

Palantir Technologies (PLTR) entered into agreements with Kirkland & Ellis, McCarthy Building and GNP Seguros for the use of its Artificial Intelligence Platform, or AIP, the company said in separate statements. Palantir Technologies stock was up more than 2% pre-bell.

Correction: Sector Update: Tech

(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.

$AVGO

Sector Update: Healthcare

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.

$LLY

Sector Update: Consumer

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.

$COST

Related Articles