Tech stocks declined Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.1% and the SPDR S&P Semiconductor ETF (XSD) down 1.4%. The Philadelphia Semiconductor index shed 0.8%.
In corporate news, Clearwater Analytics (CWAN) agreed to buy Enfusion (ENFN) for about $1.5 billion in cash and stock. Enfusion shares jumped 7.9%, and Clearwater fell 4.4%.
Apple (AAPL) saw a 5% drop in global iPhone sales during the holiday quarter, losing market share to Chinese competitors like Xiaomi and Vivo, Bloomberg reported. Separately, Apple's new fees for app developers are under scrutiny from EU competition watchdogs amid concerns they may increase costs for software makers, Bloomberg reported. Apple shares were down 1.3%.
Howard Hughes' (HHH) shareholders have been sent a letter by Pershing Square offering to buy a controlling stake in Howard Hughes by a newly created subsidiary. Howard Hughes shares jumped past 9%.
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