Sector Update: Tech Stocks Fall Pre-Bell Monday
Technology stocks are experiencing a decline pre-bell on Monday, with the Technology Select Sector SPDR Fund down 0.8% and the SPDR S&P Semiconductor ETF down 2%. ON Semiconductor shares fell 0.2% following a report of lower Q1 earnings and revenue. Conversely, JBT Marel stock rose over 3% after reporting increased Q1 revenue. Akamai Technologies announced a partnership with P3M Works for identity and access management solutions for UK government and defense, but its shares dropped more than 1% premarket.
Technology stocks were falling pre-bell Monday, with The Technology Select Sector SPDR Fund 0.8% lower and the SPDR S&P Semiconductor ETF down 2%.
ON Semiconductor shares were down 0.2% after the company reported lower Q1 non-GAAP earnings and revenue.
JBT Marel stock was more than 3% higher after the company reported a rise in Q1 revenue.
Akamai Technologies has formed a partnership with P3M Works to provide identity, credential and access management offerings for UK government and defense supply chains, the companies said. Akamai Technologies shares were more than 1% lower premarket.
