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Sector Update: Tech Stocks Gain Premarket Wednesday

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Technology stocks were higher premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 0.1% and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 1.6%.

Cognyte Software (CGNT) stock was down more than 19% after the company reported lower fiscal Q1 non-GAAP earnings.

Sprinklr (CXM) shares were down more than 5% after the company posted a decline in fiscal Q1 non-GAAP earnings and issued fiscal Q2 non-GAAP EPS outlook below analysts' expectations.

Ericsson's (ERIC) Vonage said it launched industry-specific artificial intelligence agents for healthcare, financial services and retail contact centers. Ericsson stock was down more than 1% pre-bell.

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