Friday, November 22, 2024

Sector Update: Tech Stocks Decline Premarket Wednesday

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Technology stocks were declining premarket Wednesday, with the Technology Select Sector SPDR Fund XLK down 2.1% and the SPDR S&P Semiconductor ETF XSD 0.7% lower recently.

GitLab GTLB is considering a sale after attracting acquisition interest, Reuters reported, citing people familiar with the matter. GitLab rose more than 13% pre-bell.

ASML ASML could be targeted with the most severe trade restrictions by the US government if it continues providing China with access to advanced semiconductor technology, Bloomberg reported late Tuesday, citing people familiar with recent discussions. ASML was over 8% lower pre-bell.

Taiwan Semiconductor Manufacturing Company 2330 was down more 5% after Donald Trump told Bloomberg Businessweek that Taiwan should pay the US for its defense as “it doesn’t give us anything.”

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