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Sector Update: Tech Stocks Fall Late Afternoon

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Tech stocks were lower late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 5.4%.

The Philadelphia Semiconductor index dropped 4.7%.

In sector news, President Donald Trump said Friday on Truth Social his administration is opening a Section 301 investigation into the EU over fines it has levied against companies including Apple (AAPL), Meta (META), Amazon.com (AMZN) and Alphabet's (GOOGL) Google. "The European Union will pay a very big price for this illegal and highly unethical conduct, which I have consistently warned them about," Trump said.

In corporate news, Qualcomm (QCOM) told customers it is raising prices by a percentage in the double digits, Bloomberg reported, citing a copy of a letter it viewed. Qualcomm shares were down 2.7%.

Oracle (ORCL) has secured a 10-year enterprise software contract worth about $7 billion with the US Department of Defense. Oracle shares were shedding 4.2%.

Salesforce (CRM) shares gained 4.4% after it said Friday the US Department of Veterans Affairs awarded the company, through its distribution network, a three-year $1.6 billion agentic enterprise license agreement.

SK Hynix (SKHY) and Samsung Electronics are set to sign large supply deals with US technology firms during President Lee Jae Myung's visit to San Francisco, several media outlets reported Friday, citing a senior presidential official. SK Hynix shares were down 9.2%.

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