Sector Update: Tech

03:27 PM EST, 11/05/2026 (MT Newswires) -- Tech stocks were sharply lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 7.3% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 9.9%. The Philadelphia Semiconductor index fell 10.4%. In corporate news, Microsoft (MSFT) declined to extend a contract at a Texas data center with Nscale ahead of the startup's planned initial public offering, Bloomberg reported. Microsoft shares were down 3.7%.