Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.8% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3%.
The Philadelphia Semiconductor index slumped 4.3%.
In corporate news, Microsoft (MSFT) executives have informed managers of major divisions, including Azure cloud and North American sales groups, to freeze new hiring, The Information reported. Microsoft shares were down 1.5%.
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.