Technology Sector Update for 01/24/2024: DM, ASML, INTC

Tech

Tech stocks rose Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) climbing 1.4% and the SPDR S&P Semiconductor ETF (XSD) up 0.2%.

The Philadelphia Semiconductor index jumped 2.5%.

In corporate news, Desktop Metal (DM) dropped more than 13% after the company announced plans to cut 20% of its workforce to reduce costs by an additional $50 million.

ASML (ASML) shares rose past 9% after reporting higher Q4 results earlier in the day.

Intel (INTC) is likely to see “modest” outperformance in Q4, but could miss Q1 consensus amid multiple headwinds, BofA Securities said in a note Tuesday. The brokerage reiterated its neutral rating on Intel with a price objective of $50. Intel was up 0.4%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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