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Sector Update: Tech

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Tech stocks were lower Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 2.4%.

The Philadelphia Semiconductor index shed 2.1%.

In corporate news, GoPro (GPRO) shares surged 44% after the company and optical-photonics company Starman Optical said Tuesday they have signed a definitive merger agreement. Under the terms of the deal, GoPro shareholders will receive $1.14 per share, for a total of $285 million in cash and will retain a stake in the combined company of about 10%.

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Sectors

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