Sector Update: Tech Stocks Fall Late Afternoon
MT newswire2026/10/07 19:4703:47 PM EDT, 10/07/2026 (MT Newswires) -- Tech stocks were lower late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) down 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 1.8%. The Philadelphia Semiconductor index declined 1.1%. In corporate news, SpaceX (SPCX) is looking to raise about $40 billion in financing led by Apollo Global Management (APO) to buy chips from Nvidia (NVDA), the Financial Times reported. SpaceX shares were down 2.5%, and Nvidia was decreasing 0.9%. Alphabet's (GOOGL, GOOG) Google DeepMind is expanding access for SynthID Detector to everyone, after introducing an early version of the tool last year to help media professionals verify AI-generated content, it said Wednesday. Alphabet shares rose 0.7%. Dell (DELL) on Wednesday announced an expanded portfolio of Windows PCs and workstations for agentic AI, developed with Nvidia and Microsoft (MSFT), including its first XPS laptop built on RTX Spark superchip. Dell shares added 1%. Micron Technology (MU) and Netlist have agreed to settle all pending legal proceedings between them, Netlist said Tuesday. Under the agreement, Micron will license Netlist's patent portfolio for $600 million over a five-year term. Micron shares rose 4%.
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BUZZ - Levi Strauss shares drop due to weak sales in the US and Europe
On October 8, Levi Strauss (LEVI.N) shares fell 1.3% in pre-market trading to $19.25 after the company reported lower-than-expected sales in the U.S. and Europe. BTIG commented: “This quarter, the European direct-to-consumer (DTC) business was hit by unusually warm weather, but as temperatures return to normal, foot traffic and sales trends have improved, maintaining a positive outlook in early Q4.” The brokerage also noted that the company remains strong in wholesale, e-commerce, and market share in jeans, but its “back-to-school” marketing campaign did not meet expectations. Benefiting from tariff refunds on Wednesday, the company raised its annual profit forecast and is betting on strong demand for its premium jeans and sweaters during the holiday season. Sixteen analysts have an average “buy” rating; the median price target is $27, according to LSEG. The stock has risen 6% year-to-date as of the previous close.
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