Sector Update: Tech Stocks Tumble Late Afternoon

03:49 PM EDT, 10/30/2026 (MT Newswires) -- Tech stocks were sharply lower late 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 7.4%. The Philadelphia Semiconductor index lost 8.2%. 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) shares fell 1.7%. The company's Q3 results released late Thursday trailed market expectations as a massive ramp in AI spending sent free cash flow deep into negative territory. The company maintained its 2026 capital expenditure outlook at about $220 billion. Reddit (RDDT) shares sank 29% after it reported Q3 earnings that missed analysts' expectations. Meta (META) has settled with plaintiffs set to go to trial next week in Los Angeles over social media addiction claims, Bloomberg reported Friday, citing Judge Carolyn Kuhl of California Superior Court in Los Angeles County. Kuhl said the court was informed Thursday night of a settlement with the plaintiff identified as K.D.B., the report said, adding that Meta previously settled with the other plaintiff, S.J. The agreements will keep Meta CEO Mark Zuckerberg from taking the stand, the report said. Meta shares were down 1.6%.