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Sector Update: Tech Stocks Decline Premarket Tuesday

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Technology stocks were declining premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.9% and the State Street SPDR S&P Semiconductor ETF (XSD) 1.5% lower.

Agilysys (AGYS) shares were up more than 25% after the company reported higher fiscal Q4 earnings and sales that also topped market expectations.

Bilibili (BILI) stock was down more than 6% even after the company posted higher Q1 adjusted net profit and net revenue.

Analog Devices (ADI) is in advanced discussions to acquire closely held startup Empower Semiconductor for about $1.5 billion in cash, multiple news outlets reported, citing unnamed sources familiar with the matter. Analog Devices shares were down more than 1% pre-bell.

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