Tech stocks are down, but Apple stock increases on news of foldable iPhone

From Nasdaq: 2024-07-23 15:56:09

Tech stocks are down, with XLK falling 0.3% and XSD dropping 1%. The Philadelphia Semiconductor index also retreated 1.3%. In other news, Apple is reportedly working on a foldable iPhone set for a 2026 release, leading to a 0.4% increase in their shares.

Meanwhile, Spotify reported a higher-than-expected Q2 profit, causing a 12% surge in their shares. However, NXP Semiconductors saw a 7.8% decline in shares after issuing a disappointing Q3 outlook. SAP, on the other hand, experienced a 7% jump in shares following higher Q2 earnings and revenue.



Read more at Nasdaq: Sector Update: Tech Stocks Slide Late Afternoon