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Sector Update: Tech Stocks Fall Late Afternoon

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Tech stocks were sharply lower late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 3.9% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 6.3%.

The Philadelphia Semiconductor index tumbled 7.7%.

In corporate news, Meta Platforms (META) is set to come under intensified scrutiny from European regulators, as the EU prepares to escalate an investigation into whether Facebook and Instagram are designed in ways that can be addictive for children, Bloomberg reported. Meta shares were down 0.3%.

International Business Machines (IBM) shares gained 4.2% after Morgan Stanley raised its price target to $267 from $225, while keeping its equalweight rating.

Alibaba (BABA) has filed a lawsuit against the US Department of Defense seeking to be removed from a blacklist that labels it as a supporter of the Chinese military, Bloomberg reported. Alibaba shares were down 2.1%.

Oracle's (ORCL) total workforce fell by about 21,000 employees, or 13%, in fiscal 2026 to 141,000 as of May 31, according to the company's annual report. Oracle shares were falling 5.1%.

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