Sector Update: Tech Stocks Mixed Friday Afternoon
MT newswire2026/10/09 17:4201:42 PM EDT, 10/09/2026 (MT Newswires) -- Tech stocks were mixed Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) shedding 0.7%. The Philadelphia Semiconductor index declined 0.8%. In corporate news, SpaceX (SPCX) shares rose 0.4% after it agreed to acquire a nationwide low-band spectrum portfolio from investment firm Grain Management as it seeks to establish Starlink Mobile as a major US mobile carrier. Apple (AAPL) has asked some suppliers to cut production of components for its iPhone 18 Pro and Pro Max models, Nikkei Asia reported. October orders were down by at least 15% from initial requests amid rising memory chip costs and weaker demand, the report said. Apple shares were falling 1.6%. Bending Spoons (BSP) CEO Luca Ferrari sees falling software company valuations as buying opportunities amid concerns over the so-called "SaaSpocalypse," Bloomberg reported Friday, citing an interview with the executive. The SaaSpocalypse phenomenon, driven by fears that AI could replace traditional software-as-a-service products, has benefitted the Italian tech company by creating opportunities to acquire more businesses and improve their products faster using AI, Ferrari said, according to Bloomberg. Bending Spoons shares were down 2.2%.
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