Mixed day for tech stocks, ON shares fall due to layoffs, ADBE surges on strong Q2 results

From Nasdaq: 2024-06-14 13:52:16

Tech stocks had a mixed day, with XLK rising 0.3% and XSD falling 1.5%. The Philadelphia Semiconductor index recovered from earlier losses, rising 0.1%. Meanwhile, On Semiconductor’s shares fell 3.7% after announcing plans to consolidate sites and cut 1,000 jobs globally.

Apple may face EU fines under the Digital Markets Act for alleged app store competition restrictions, causing a 1% drop in its shares. Adobe saw a 15% surge in its stock price after raising its earnings outlook for the year. Strong Q2 results, driven by AI offerings, exceeded market expectations.



Read more at Nasdaq: Technology Sector Update for 06/14/2024: ON, ADBE, AAPL