Tech stocks were higher Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.4% and the SPDR S&P Semiconductor ETF (XSD) adding 1%.
The Philadelphia Semiconductor index increased 0.5%.
In corporate news, Meta Platforms (META) shares fell nearly 2%. Bloomberg reported, citing a memo sent to employees by Chief Executive Mark Zuckerberg, that the company plans to eliminate roughly 5% of its lowest performers with the goal of backfilling the positions in 2025.
Applied Digital (APLD) said it struck a $5 billion perpetual preferred equity funding facility with Macquarie to support Applied's development of data centers. Applied Digital shares jumped 14%.
Ongoing investigations into Apple (AAPL), Meta, and Alphabet (GOOG) are being reevaluated by the European Commission under the Digital Markets Act, for potential scale back or change in scope, the Financial Times reported Tuesday. Apple shares were fractionally higher, while Alphabet was down 0.2%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.