Sectors
Sector Update: Tech Stocks Fall Late Afternoon
Tech stocks were lower late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 3.1% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 5.5%.The Philadelphia Semiconductor index slumped 4.2%.In sector news, OpenAI has confidentially filed for a potential initial public offering in the US, joining a series of mega-cap listings that could mark the largest capital-raising cycle on record. Last week, AI chatbot Claude maker Anthropic confidentially filed to go public in the US. Elon Musk-led SpaceX is looking to raise a record-breaking $75 billion in its IPO, and could be valued at $1.75 trillion, Reuters reported earlier this month.In corporate news, Satellogic (SATL) shares fell past 9% after the company said Rick Dunn will step down as its chief financial officer.Apple (AAPL) on Monday unveiled major software updates at its Worldwide Developers Conference, including Siri AI and the next generation of Apple Intelligence. Separately, Apple said Tuesday users in the EU will not have access to Siri AI on iOS 27 and iPadOS 27 when the software launches later this year because of requirements under the bloc's Digital Markets Act. Apple shares fell 3.5%.Amazon-backed (AMZN) Anthropic said Tuesday it is launching Claude Fable 5, a new general-purpose model with capabilities across software engineering, knowledge work, vision and scientific research. Amazon shares were decreasing 0.3%.SailPoint (SAIL) on Tuesday issued a fiscal Q2 revenue outlook indicating a sequential growth slowdown, while the cybersecurity company left its full-year profit guidance unchanged. Its shares dropped 12%.
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