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Sector Update: Tech Stocks Mixed Late Afternoon

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Tech stocks were mixed late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.7%.

The Philadelphia Semiconductor index shed 0.9%

In corporate news, Applied Materials (AMAT) shares fell 5.3% after it reported late Thursday lower free cash flow for the first nine months of the fiscal year as capital expenditures climbed sharply.

Microsoft-backed (MSFT) OpenAI is set to generate annualized revenue of more than $40 billion as per its current performance as the ChatGPT maker gears up for a market debut, Bloomberg reported. Microsoft shares were down 0.3%.

Reddit (RDDT) will replace AvalonBay Communities (AVB) on the S&P 500 prior to the opening of trading on Aug. 18, S&P Dow Jones Indices said late Thursday. Reddit shares jumped past 12%.

Sandisk (SNDK) shares climbed nearly 6% after Wells Fargo and RBC lifted their price targets for the company.

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Sector Update: Financial Stocks Rise Late Afternoon

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