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Sector Update: Tech Stocks Mixed in Afternoon Trading

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Tech stocks were mixed Tuesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) falling 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 1.3%.

The Philadelphia Semiconductor index climbed 0.8%.

In corporate news, Nvidia's (NVDA) fiscal Q1 sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said. Nvidia shares were little changed.

Meta Platforms (META) is moving 7,000 employees into new AI-focused roles as part of a broader restructuring that also includes planned job cuts later this week, Bloomberg reported Monday. Meta shares fell 1.5%.

ASML (ASML) plans to begin receiving chip equipment made by its newest machines within months, Reuters reported, citing CEO Christophe Fouquet. ASML shares fell 0.5%.

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