Sector Update: Tech Stocks Decline Premarket Thursday

MT Newswires Live08-20 21:12

Technology stocks were declining premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.9% lower.

Palo Alto Networks (PANW) and NTT DATA signed a multiyear alliance targeting $1 billion in joint business by the end of 2029 to support organizations' adoption of artificial intelligence and modernization of cybersecurity, the companies said. Shares of Palo Alto Networks were down 1.6% pre-bell.

CrowdStrike's (CRWD) global Chief Technology Officer Elia Zaitsev has stepped down from his role to launch an early-stage venture capital fund focused on cybersecurity, Zaitsev said in a LinkedIn post. CrowdStrike stock was down 2.7% premarket.

NetEase (NTES) shares were down 3.8% after the company reported lower Q2 non-GAAP earnings, which also fell short of analysts' expectations.

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