Sector Update: Tech Stocks Decline Wednesday Afternoon
MT newswire2026/10/07 17:3701:37 PM EDT, 10/07/2026 (MT Newswires) -- Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) down 0.5% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.1%. The Philadelphia Semiconductor index declined 1.7%. In corporate news, SpaceX (SPCX) is looking to raise about $40 billion in financing led by Apollo Global Management (APO) to buy chips from Nvidia (NVDA), the Financial Times reported. SpaceX shares were down 3%, and Nvidia was decreasing 0.8%. Micron Technology (MU) and Netlist have agreed to settle all pending legal proceedings between them, Netlist said Tuesday. Under the agreement, Micron will license Netlist's patent portfolio for $600 million over a five-year term. Micron shares rose 3.9%. Microsoft (MSFT) CEO Satya Nadella and Nvidia CEO Jensen Huang are expected to unveil the Surface Laptop Ultra together at a San Francisco event, Reuters reported Wednesday. Microsoft said on its website that the 18-millimeter-thick laptop will use Nvidia's RTX Spark chips, combining an energy-efficient CPU with an RTX GPU to deliver up to one petaflop of AI computing performance. Microsoft shares were down 0.1%.
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