Sector Update: Tech Stocks Fall Tuesday Afternoon
Tech stocks were lower Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.8% and the State Street SPDR S&P Semiconductor ETF (XSD) down 3.4%.The Philadelphia Semiconductor index declined 3.4%.In corporate news, Marvell Technology (MRVL) shares fell 5.3% in Tuesday trading, a day after outgoing CFO Willem Meintjes filed to sell 211,329 shares, according to Form 144 filings with the US Securities and Exchange Commission.Space Exploration Technologies (SPCX) has agreed to acquire Anysphere, which operates AI coding agent Cursor, in a deal worth about $60 billion, just days after the rocket and satellite company went public. SpaceX shares jumped past 10%.Palantir (PLTR) is facing scrutiny after data showed most UK National Health Service platform gains occurred in just a few hospital trusts, the Financial Times reported, citing data obtained by the campaign group Foxglove through a freedom-of-information request. Palantir shares were falling 2.8%.Simulations Plus (SLP) has agreed to be acquired by affiliates of Altaris in an all-cash deal valued at $375 million, the company said Tuesday. Simulations Plus shares surged 11%.
