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Sector Update: Tech Stocks Fall Premarket Friday

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Technology stocks were falling premarket Friday, with the State Street Technology Select Sector SPDR Fund (XLK) down 2.2% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 2.9%.

ON Semiconductor (ON) stock was down more than 13% after the company said it will acquire Synaptics (SYNA) in an all-stock deal with an enterprise value of about $7 billion, expanding its edge AI capabilities. Shares of Synaptics were up 4.5% pre-bell.

Xunlei (XNET) shares were up more than 1% after the company said its board authorized a new equity buyback of up to $20 million of its shares over a 12-month period beginning July 1.

Domo (DOMO) said Chief Technology Officer Daren Thayne will resign from his position, effective July 10, to take another executive role. Shares of Domo were up more than 3% premarket.

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