FINWIRES · TerminalLIVE
FINWIRES

Sector Update: Tech Stocks Fall Wednesday Afternoon

By

Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) down 0.7% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2%.

The Philadelphia Semiconductor index lost 1.9%.

In corporate news, Zscaler (ZS) shares tumbled 31% after the cloud security company provided a fiscal Q4 revenue outlook below market estimates, even though it reported better-than-expected results for the prior three-month period.

Super Micro Computer (SMCI) shares added 2.1% after the firm said Verda has selected its Nvidia (NVDA) GPU-accelerated, rack-scale systems for its AI cloud infrastructure in Europe.

Taiwan Semiconductor Manufacturing (TSM) Chief Executive C.C. Wei told employees they will receive a more than 30% increase in profit-sharing payouts on average this year, driven by strong earnings growth fueled by AI demand, Bloomberg reported. Taiwan Semiconductor shares rose 2%.

Related Articles

Sectors

Sector Update: Energy

Energy stocks declined Wednesday afternoon, with the NYSE Energy Sector Index falling 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.8%.The Philadelphia Oil Service Sector Index slumped 2.7%, and the Dow Jones US Utilities Index shed 0.4%.Front-month West Texas Intermediate crude oil was falling 4.2% to $89.95 a barrel, and the global benchmark Brent crude contract was dropping 3.8% to $95.79 a barrel. Henry Hub natural gas futures rose 4.2% to $3.02 per 1 million BTU.In corporate news, Chevron (CVX) shareholders have rejected a proposal put forth at the company's annual general meeting that would have required appointing an independent board chair separate from the chief executive officer, Reuters reported, citing preliminary voting results. Chevron shares were down 0.7%.

$CVX
Sectors

Sector Update: Financial

Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) decreasing 0.9%.The Philadelphia Housing Index was climbing 1.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.1%.Bitcoin (BTC-USD) was falling 1.6% to $74,905, and the yield for 10-year US Treasuries was slightly lower at 4.49%.In corporate news, JPMorgan Chase (JPM) CEO Jamie Dimon said Wednesday at a conference that acquisition opportunities could emerge in the next couple of years. "We have great businesses and we want to continue to build them," Dimon said, according to a transcript. "But I do think there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying something." JPMorgan shares were down 2.9%.

$JPM
Sectors

Sector Update: Healthcare

Healthcare stocks rose Wednesday afternoon, with the NYSE Healthcare Index up 0.5% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 0.2%.The iShares Biotechnology ETF (IBB) added 0.4%.In corporate news, Corcept Therapeutics (CORT) shares jumped past 6% after the firm said Wednesday it will resubmit its new drug application to the US Food and Drug Administration in the coming weeks for relacorilant to treat Cushing's syndrome, also known as hypercortisolism.

$CORT