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Sector Update: Tech

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Tech stocks were mixed late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 0.9% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.3%.

The Philadelphia Semiconductor Index advanced 1.3%.

In corporate news, Adobe (ADBE) is eyeing two internal candidates and has also tapped a well-known search firm to find external candidates with experience in AI products, as it looks to find a new chief executive, Bloomberg reported. Adobe shares were down 2.4%.

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Consumer stocks were mixed late Wednesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1%.In corporate news, FedEx's (FDX) fiscal Q4 earnings could fall short of Wall Street's expectations as margin pressures continue to outweigh "stable" sales trends, Morgan Stanley said in a note e-mailed Wednesday. FedEx shares were down 1%.

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Healthcare stocks rose Wednesday afternoon with the NYSE Healthcare Index increasing 0.7% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1%.The iShares Biotechnology ETF (IBB) advanced 1.7%.In corporate news, BioNTech (BNTX) cautioned that proposed healthcare reforms in Germany, due for a vote this summer, may put future investments in the country at risk, Bloomberg reported, citing Chief Commercial Officer Annemarie Hanekamp. BioNTech shares fell 1%.

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