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Sector Update: Tech Stocks Retreat Late Afternoon
2024-08-21 03:58
03:58 PM EDT, 08/20/2024 (MT Newswires) -- Tech stocks were lower late Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.3% and the SPDR S&P Semiconductor ETF (XSD) shedding 0.9%.
The Philadelphia Semiconductor Index dropped 1.3%.
In corporate news, Alphabet's (GOOG) robotaxi unit Waymo doubled its paid rides to 100,000 a week as it expanded its coverage, Reuters reported Tuesday. Alphabet shares were adding 0.5%.
Telos (TLS) shares surged 26% after it said Tuesday it received a contract worth up to $12.5 billion for technology infrastructure upgrades at US Air Force bases worldwide, including National Guard and Reserve locations.
Palo Alto Networks (PANW) shares jumped 7%, a day after the company reported a surprise increase in fiscal Q4 earnings as revenue topped estimates by analysts.
Mynaric (MYNA) shares plunged 56% after the company forecast a bigger 2024 loss and slashed the revenue outlook due to production delays and costs.
