Tech stocks slumped late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 2.7% and the SPDR S&P Semiconductor ETF (XSD) plunging 4.9%.
The Philadelphia Semiconductor index tumbled 3.9%.
In corporate news, Alphabet (GOOG) is adding Gemini artificial intelligence features to Google Maps, allowing users to interact in a conversational style in addition to providing turn-by-turn directions. Separately, Alphabet's Waymo was valued at over $45 billion after its latest financing round, Bloomberg reported. Alphabet shares fell 1.6%.
Microsoft (MSFT) shares fell 5.3% as investors focused on growth in the company's Azure business after fiscal Q1 earnings and revenue rose.
Meta (META) shares dropped 3.8% as the company continues to expect a significant rise in spending next year and lifted the lower end of its capital expenditures guidance for 2024, while Q3 results topped market estimates.
Nextracker (NXT) shares surged 23%, a day after the company posted higher fiscal Q2 results and raised fiscal 2025 earnings guidance.
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