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Sector Update: Tech Stocks Fall Late Afternoon

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Tech stocks were falling late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.8% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 1.2%.

The Philadelphia Semiconductor index was down 1.3%.

In corporate news, SpaceX (SPCX) share fell 2.4%. The company's Starship rocket triggered an "automatic launch abort," with the next launch to be rescheduled possibly in a few days, SpaceX Chief Executive Elon Musk said in a Thursday post on X.

Synopsys (SNPS) plans to stop its production process control software suite for semiconductor manufacturers to redirect resources toward higher-margin AI design, Reuters reported. Its shares dropped 10%.

Meta Platforms (META) is in talks to rent out computing power from its data centers to Anthropic in a deal that could be worth up to $10 billion over two years, The New York Times reported. Separately, Meta has hired Dave Brown, a senior executive at Amazon (AMZN) Web Services, to help with its data center expansion and computing infrastructure ambitions, the Wall Street Journal reported. Meta shares were down 3.2%.

Apple (AAPL) is in early discussions with the US Justice Department regarding the settlement of a 2024 lawsuit alleging the tech giant violated antitrust laws, Bloomberg reported. Separately, Apple has sent personal legal warnings to dozens of former employees now working at Microsoft-backed (MSFT) OpenAI to find proof that the AI company stole its trade secrets, the Financial Times reported. Apple shares were shedding 0.1%.

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Sector Update: Financial Stocks Edge Higher Late Afternoon

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Sector Update: Tech Stocks Fall Late Afternoon

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