Sector Update: Tech

Sector Update: Tech

MT newswire2026/10/20 19:19

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03:19 PM EDT, 10/20/2026 (MT Newswires) -- Tech stocks were mixed late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) fractionally lower and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1%. The Philadelphia Semiconductor index increased 0.3%. In corporate news, Meta Platforms' (META) Chief Global Affairs Officer Joel Kaplan will leave the company in 2027, Axios reported. He will stay through the US midterm elections and into 2027 to manage the transition, the report added. Dina Powell McCormick, Meta's president and vice chairman, will add external affairs to her duties, while chief legal officer C.J. Mahoney will take on policy responsibilities, Axios reported. Meta shares were down 2.3%.

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Citi analysts pointed out that AI is causing severe polarization in the software industry. Microsoft is experiencing strong revenue growth driven by its Copilot advantage, while companies like Adobe are facing budget pressures. After Salesforce's acquisition of Braze, attention should be paid to organic growth. In an environment of high financing costs, economies of scale will be the key to survival.

智通财经•2026/10/21 05:02