Tech stocks dropped in late afternoon, but CommScope shares surged

From Nasdaq: 2024-07-29 15:59:53

Tech stocks, including XLK and XSD, dropped in late afternoon trading, with the Philadelphia Semiconductor index falling by 0.4%. CommScope shares surged 21% after reporting stronger-than-expected Q2 net sales.

Microsoft is expected to report strong fiscal Q4 results due to cloud computing and AI momentum. ON Semiconductor exceeded market estimates in fiscal Q2 and shares soared by 12%. BofA Securities predicts Apple will beat expectations in fiscal Q3 results.



Read more at Nasdaq: Sector Update: Tech Stocks Fall in Late Afternoon