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Sector Update: Tech Stocks Decline Monday Afternoon

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Tech stocks were lower Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.4%.

The Philadelphia Semiconductor index was shedding 2%.

In corporate news, Intel (INTC) said Monday it is offering $15 billion of common stock in a public offering, the proceeds of which will go toward general corporate purposes. Intel shares were down 2.8%.

Nvidia (NVDA) is working with some of the world's largest financial firms to build a $500 billion funding package for AI infrastructure development, the Financial Times reported. Nvidia shares were shedding 2.4%.

A US appeals court on Monday rejected a bid by Meta Platforms (META), Alphabet's (GOOGL) Google and ByteDance's TikTok to reverse a lower-court's ruling that forces them to face roughly 2,400 lawsuits, according to media reports. Meta shares were up 0.3%, and Alphabet added 0.2%.

Archer Aviation (ACHR) shares shares jumped past 7% after agreeing to buy Boeing's (BA) Wisk Aero, SkyGrid and Insitu units in exchange for a nearly 20% stake in the air taxi maker.

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