Sector Update: Tech

03:19 PM EDT, 10/29/2026 (MT Newswires) -- Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 2.4%. The Philadelphia Semiconductor index declined 2.3%. In corporate news, Fortinet (FTNT) was hit by a flurry of analyst price target cuts, with Citigroup slashing its price target to $140 from $185 and Barclays to $155 from $210, following the company's Q3 results late Wednesday. Its shares fell past 22%.