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Sector Update: Tech

Jun 24, 2024 2:05 PM

03:24 PM EDT, 06/24/2024 (MT Newswires) -- Tech stocks dropped in late Monday afternoon trading with the Technology Select Sector SPDR Fund (XLK) falling 1.8% and the SPDR S&P Semiconductor ETF (XSD) down 0.9%.

The Philadelphia Semiconductor index slumped 2%.

In corporate news, Amazon.com ( AMZN ) is working on an AI chatbot codenamed "Metis" to compete with ChatGPT, Business Insider reported, citing people familiar with the matter and an internal document. Amazon ( AMZN ) shares fell 1.4%.

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