Sector Update: Tech Stocks Mixed Late Afternoon
Tech stocks were mixed late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 0.9% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.3%.The Philadelphia Semiconductor Index advanced 1.3%.In corporate news, Adobe (ADBE) is eyeing two internal candidates and has also tapped a well-known search firm to find external candidates with experience in AI products, as it looks to find a new chief executive, Bloomberg reported. Adobe shares were down 2.5%.Apple (AAPL) is unlikely to see the World Wide Developer Conference act as a "positive catalyst" for the shares, with UBS Securities saying the event is expected to focus mainly on software updates and AI ahead of the June 8 keynote. Apple shares were shedding 1.3%.Meta Platforms (META) introduced its AI-powered Business Agent, a tool designed to help firms raise output and deliver personalized customer interactions. Meta shares rose 4.2%.Alphabet (GOOG, GOOGL) increased the size of its equity capital raise to $84.75 billion from $80 billion, according to a regulatory filing Tuesday. The offering includes a pledge by Berkshire Hathaway (BRK.A, BRK.B) to invest $10 billion in the tech giant in a private placement, the filing said. Alphabet's Class A and Class C shares were each down 0.7%.