Sector Update: Tech Stocks Sharply Lower Friday Afternoon

01:46 PM EDT, 10/30/2026 (MT Newswires) -- Tech stocks were sharply lower Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 5.4% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 7.8%. The Philadelphia Semiconductor index fell 8.3%. In sector news, Blackstone (BX) told investors that Anthropic may not receive an investment-grade rating after its initial public offering and instead could receive a "high" junk rating from the major credit-ratings agencies, the Financial Times reported Friday. In corporate news, Intel's (INTC) Q3 revenue fell short of analyst estimates, and Q4 adjusted earnings and sales outlook lagged forecasts. Its shares tumbled 30%. Amazon.com (AMZN) reported a decline in Q3 earnings and a negative free cash flow of $42.4 billion, driven by investments in AI infrastructure. Raymond James adjusted Amazon's price target to $250 from $300. Amazon shares fell 2.1%. Sandisk (SNDK) shares fell 14% despite posting higher fiscal Q1 non-GAAP earnings and revenue late Thursday.