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Sector Update: Tech Stocks Mixed Late Afternoon

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Tech stocks were mixed late Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) easing 0.1%

The Philadelphia Semiconductor Index was little changed.

In corporate news, Meta Platforms (META) agreed to pay a maximum of $16.68 billion to resolve claims brought by several US states that the tech giant used its platforms to "ensnare" youth and teens, according to a filing in federal court. Meta shares rose 1.2%.

Amazon-backed (AMZN) Anthropic will spend $45 billion to rent about 460 megawatts of AI cloud computing power from Nscale's flagship data center in West Virginia over six years, Bloomberg reported. Amazon shares fell 0.4%.

Zoom Communications (ZM) shares fell 6.6% after the company provided a downbeat earnings outlook for fiscal Q3 following a Q2 beat.

Intuit (INTU) shares dropped 3.9%, a day after the company issued a soft fiscal 2027 outlook.

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