Sector Update: Tech

01:02 PM EDT, 10/16/2026 (MT Newswires) -- Tech stocks were lower Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.2% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 2.4%. The Philadelphia Semiconductor index shed 2.1%. In corporate news, CoreWeave (CRWV) shares were down past 11% after Bloomberg reported that co-founders Michael Intrator, Brian Venturo and Brannin McBee have sold $3.3 billion in company shares since its March 2025 initial public offering, including $2.4 billion in 2026.