Sector Update: Tech

3:46PM ET 12/05/2022 MT Newswires
Technology stocks added to their midday declines Monday afternoon, with the SPDR Technology Select Sector ETF (XLK) falling 2.0% and the Philadelphia Semiconductor Index sliding 1.5% this afternoon.

In company news, Snowflake (SNOW) slumped more than 9% after Credit Suisse on Monday reduced its price target for the data cloud company's shares by $50 to $200 although it reiterated its outperform rating for the stock.