Sector Update: Tech Stocks Decline Premarket Friday
Technology stocks were declining premarket Friday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.8% and the State Street SPDR S&P Semiconductor ETF (XSD) 1.2% lower.ChipMOS Technologies (IMOS) shares were up more than 3% after the company said its Q2 revenue rose 28.7% year over year to 7.38 billion New Taiwan dollars ($231.8 million), marking its highest quarterly revenue since 2014.Meta Platforms' (META) "addictive" design of Instagram and Facebook violates the European Union's Digital Services Act, the European Commission said. Meta Platforms stock was up more than 4% pre-bell.Perfect (PERF) shares were up more than 9% after the company said it has agreed to be taken private by an entity controlled by founder and CEO Alice Chang for $2 per share in cash.
