Sector Update: Tech

03:24 PM EDT, 10/16/2026 (MT Newswires) -- Tech stocks were lower late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.9% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.7%. The Philadelphia Semiconductor index shed 3.2%. In corporate news, the UK's Competition and Markets Authority plans to require Apple (AAPL) to allow users to choose alternatives to Apple Pay when using the iPhone's tap-to-pay feature, the Financial Times reported. The CMA is set to publish proposals for consultation next week arguing that Apple exercises unfair power over the UK's tap-to-pay market, the report said. Apple shares were up 0.2%.