FINWIRES · TerminalLIVE
FINWIRES

Sector Update: Tech Stocks Fall Late Afternoon

By

Tech stocks were lower late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.1%.

The Philadelphia Semiconductor index slumped 2.3%.

In corporate news, a jury on Monday rejected Tesla (TSLA) CEO Elon Musk's claims that Microsoft-backed (MSFT) OpenAI betrayed its mission under Sam Altman's leadership by morphing into a for-profit business, Bloomberg reported. Microsoft shares added 0.2%, and Tesla was down 3%.

Seagate Technology (STX) shares fell more than 6% after Chief Executive Dave Mosley said that building new factories to meet demand would "take too long."

LiveRamp (RAMP) shares jumped past 27% after the data collaboration platform agreed to be acquired by French advertising and public relations firm Publicis Groupe in an all-cash deal with an enterprise value of about $2.17 billion.

Equinix's (EQIX) plan to build two data centers in Cape Town, South Africa, is facing opposition from community groups and UK non-profit Foxglove, claiming the project lacks key details on water use, electricity demand and environmental impact, Reuters reported, citing a formal objection filed with city planners. Equinix shares were up 0.3%.

Related Articles

Sectors

Sector Update: Financial Stocks Lower in Late Afternoon Trading

Financial stocks declined in late Friday afternoon trading with the NYSE Financial Index shedding 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) falling 0.3%.The Philadelphia Housing Index shed 3.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.5%.Bitcoin (BTC-USD) declined 2.5% to $79,082, and the yield for 10-year US Treasuries jumped 13.4 basis points to 4.595%.In economic news, US industrial production rebounded more than projected in April, Federal Reserve data showed. Industrial output rose 0.7% last month following a revised 0.3% fall in March, the Fed said. The consensus was for a 0.3% increase for April in a survey compiled by Bloomberg.In corporate news, Apollo Global Management-backed (APO) West Technology is in exclusive talks for the sale of its remaining operating business as talks with debt holders continue, Bloomberg reported. Apollo shares dropped 0.5%.Goldman Sachs (GS) is assessing demand for a significant risk transfer linked to a portfolio of loans to private market funds, Bloomberg reported. Goldman shares fell 1.9%.HSBC (HSBC) has yet to deploy the $4 billion committed to its private credit strategy, with no current timeline for the planned investment, the Financial Times reported. HSBC shares dropped 2.1%.Mizuho Financial (MFG) shares fell 1.9% after the company issued fiscal 2026 earnings guidance that trailed Wall Street estimates.

$APO$GS$HSBC$MFG
Sectors

Sector Update: Consumer Stocks Softer Late Afternoon

Consumer stocks were lower late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.7%.In corporate news, Canada Goose (GOOS) may struggle to generate meaningful upside in the coming quarters as weak revenue growth and macro uncertainty continue to cloud the outlook, UBS said in a note. Canada Goose shares were down 2.8%.Starbucks (SBUX) said it will cut 300 US support jobs as the coffee giant consolidates regional offices to reduce costs and streamline operations. Its shares were up 0.7%.Magnum Ice Cream (MICC) shares jumped past 10% after Reuters reported that Blackstone (BX) and Clayton, Dubilier & Rice are in the early stages of considering bids for the company.Walt Disney's (DIS) co-owned JioStar, an Indian entertainment joint venture with Reliance, is suing rival Zee Entertainment over allegations it broadcast Bollywood films that JioStar has rights to without authorization, Reuters reported. Disney shares were down 2.5%.

$DIS$GOOS$MICC$SBUX
Sectors

Sector Update: Healthcare Stocks Decline Late Afternoon

Healthcare stocks were lower late Friday afternoon, with the NYSE Healthcare Index falling 1.1% and the State Street Healthcare Select Sector SPDR ETF (XLV) shedding 1%.The iShares Biotechnology ETF (IBB) dropped 2.4%.In corporate news, Thermo Fisher Scientific (TMO) could benefit from improving end-market conditions and recovering biotech funding, though "structural risks" may limit the company's ability to achieve its long-term organic growth aspiration, RBC Capital Markets said in a note. RBC resumed coverage of Thermo Fisher with a sector perform rating and a $490 price target. Thermo Fisher shares were down 2.3%.Aardvark Therapeutics (AARD) shares fell 32% after the firm said the US Food and Drug Administration placed a full clinical hold on its investigational new drug application for ARD-101. Morgan Stanley downgraded the stock to underweight from equalweight, and BTIG downgraded to neutral from buy.DexCom (DXCM) said Friday it has set new long-term financial goals, including organic revenue growth of more than 10% a year through 2030. Its shares climbed past 6%.ARS Pharmaceuticals (SPRY) shares fell 7% after it posted a wider Q1 loss.

$AARD$DXCM$SPRY$TMO