Tech stocks were higher Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 2%.
The Philadelphia Semiconductor index climbed 2.9%.
In corporate news, IBM (IBM) shares tumbled 24% after the company's preliminary Q2 results fell short of Wall Street's expectations, with Chief Executive Arvind Krishna calling the performance "disappointing."
Tech stocks were lower late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.8% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 5.2%.The Philadelphia Semiconductor Index fell 5.2%.In corporate news, Intel (INTC) said Monday it is investing 5 billion euros ($5.71 billion) at its Leixlip campus in Ireland to scale capacity in order to deliver Intel Xeon 6 processors and next generation Intel Xeon built on its Intel 3 node. Intel shares were down 6.3%.Meta (META) said Monday it plans to invest over $50 billion in its Richland Parish, Louisiana, infrastructure project to expand its computing capacity to 5 gigawatts. Meta shares were shedding 1.8%.Alphabet's (GOOGL) Google is one of the biggest buyers of Nvidia's (NVDA) AI server chips, but it has also been expanding its in-house AI chip business in a move that could challenge Nvidia's dominance, The Information reported. Alphabet shares were down 1.2%, and Nvidia fell 3.4%.SK Hynix (SKHY) CEO Kwak Noh-Jung expects the global shortage of memory chips to persist beyond 2030 as demand driven by AI continues to outpace supply, Bloomberg reported Friday. The shares were down 8.8%.
Financial stocks were advancing in late Monday afternoon trading, with the NYSE Financial Index rising 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.5%.The Philadelphia Housing Index was falling 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.4%.Bitcoin (BTC-USD) was declining 2.7% to $62,004, and the yield for 10-year US Treasuries was rising 4 basis points to 4.609%.In corporate news, First Hawaiian (FHB) agreed to buy TriCo Bancshares (TCBK) in an all-stock deal to create one of the largest banks in the western US. First Hawaiian shares were down 3.4%, and TriCo jumped past 12%.Brookfield (BN) is in advanced talks to acquire a stake in Hudson Square Properties in a deal that would value the office portfolio at $3.5 billion, The Wall Street Journal reported. Brookfield shares were down 1.1%.Saudi digital services provider NourNet is working with Goldman Sachs (GS) and HSBC (HSBC) on a potential IPO that could take place as early as this year, Bloomberg reported. Goldman shares were down 1%, and HSBC was shedding 1.3%.Mastercard (MA) shares were rising 2%. The Financial Times reported Sunday the company is exploring the sale of a majority stake in its UK payments infrastructure subsidiary Vocalink potentially back to British banks.
Consumer stocks were mixed late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1.1%.In corporate news, Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) are facing a lawsuit from California Attorney General Rob Bonta led coalition of 12 state attorneys general seeking to block the companies' proposed $110 billion merger deal, the AG said. Paramount shares were up 1.7%, and Warner Bros. climbed 2.4%.Casey's General Stores (CASY) shares gained 4.1% after Northcoast Research upgraded the stock to buy from neutral with a price target of $950 per share.Papa John's (PZZA) CFO's departure likely suggests a sharp operational turnaround is unlikely in the near term at the pizza chain, BofA Securities said in a note. Last month, Papa John's appointed Chris Collins as interim finance chief, replacing Ravi Thanawala, who will take on the CFO role at American Eagle Outfitters (AEO). BofA downgraded Papa John's rating to underperform from neutral and decreased the price target to $34 from $42. Papa John's shares were down 0.8%.New York Times (NYT) reporters were subpoenaed by the Trump administration as part of a leak investigation tied to the newspaper's reporting on security concerns involving a Qatari-gifted Air Force One aircraft, The Wall Street Journal reported. According to the report, four New York Times reporters were subpoenaed after the newspaper reported that President Donald Trump returned from Turkey on an older Air Force One over security concerns involving the Qatari-gifted jet. New York Times shares were up 0.3%.