Tech stocks were sliding late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.5% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.6%.
The Philadelphia Semiconductor index slumped 2.7%.
In corporate news, Gen Digital (GEN) struck a deal to buy personal finance management platform MoneyLion (ML). Gen Digital will pay $82 per share in cash, representing a cash value of $1 billion. Gen Digital shares shed 2.8% and MoneyLion jumped nearly 15%.
Microsoft (MSFT) investors rejected a proposal asking the board to conduct an assessment to determine if including Bitcoin in the company's balance sheet is in the best long-term interests of shareholders, Bloomberg reported. Microsoft shares were down 0.7%.
Oracle (ORCL) shares tumbled 7.5% after it reported late Monday fiscal Q2 non-GAAP earnings and revenue that trailed analyst expectations.
MongoDB (MDB) raised its full-year outlook and reported better-than-expected fiscal Q3 results, but it forecast a consumption slowdown for its Atlas cloud platform in the ongoing quarter. Mongo shares sank past 16%.
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