Tech Sector Woes

On a turbulent Tuesday afternoon, tech stocks faced a sea of red. The Technology Select Sector SPDR Fund (XLK) descended by 2.6%, with the SPDR S&P Semiconductor ETF (XSD) following suit, shedding 2.1% of its value. The Philadelphia Semiconductor index mirrored these losses, slumping by 2.4%.

Apple Dips

Apple (AAPL) found itself weathering stormy seas as iPhone sales plummeted in China during the first six weeks of 2024. Competitors outshone the tech giant, leading to a disappointing performance and a subsequent 2.9% decline in Apple shares.

Meta’s Social Storm

Meta’s (META) social media empire, including Instagram, Facebook, and Messenger, faced significant outages on Tuesday. This disruption in service translated to a 1.7% decrease in Meta’s shares.

Viavi Solutions Makes Waves

Viavi Solutions (VIAV) orchestrated a significant move in the market by striking a deal to acquire Spirent Communications. The acquisition, valued at approximately 1.01 billion pounds ($1.28 billion), positioned Viavi for success, leading to an impressive 11% surge in its shares.

The thoughts and sentiments conveyed in this article are solely those of the author and may not necessarily represent the views of Nasdaq, Inc.