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Sector Update: Tech Stocks Fall Late Afternoon

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Tech stocks were lower late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.6% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 6.3%.

The Philadelphia Semiconductor index shed 5.5%.

In corporate news, Meta Platforms (META) shares were falling 4.2% as a social media addition trial brought by 29 US states got underway.

Nvidia (NVDA) talent is being recruited by Etched, with about 15% of the AI startup's 400 employees having previously worked at Nvidia, The Wall Street Journal reported. Nvidia shares were down 2.6%.

Alphabet's (GOOGL) Google has informed suppliers it plans to have its Pixel smartphones, watches and Bluetooth earbuds made outside of China starting next year, Nikkei Asia reported. The move comes amid continuing tension between the US and China, the report said. Alphabet shares were fractionally higher.

Baidu (BIDU) reported lower-than-expected Q2 results on Tuesday amid weakness in its online marketing business, even though it recorded double-digit growth in its core AI-powered operations. Its shares dropped 12%.

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