09:19 AM EDT, 05/21/2026 (MT Newswires) -- Technology stocks were declining premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.6% and the State Street SPDR S&P Semiconductor ETF ( XSD ) 0.6% lower.

IBM ( IBM ) , GlobalFoundries ( GFS ) and D-Wave Quantum ( QBTS ) are among the major quantum companies set to receive billions in proposed US government backing as the Trump administration ramps up efforts to cement America's lead in quantum computing. IBM ( IBM ) shares were up more than 4%, GlobalFoundries ( GFS ) stock was advancing past 12%, and D-Wave Quantum ( QBTS ) shares were up nearly 13% pre-bell.

NetEase ( NTES ) shares were down more than 3% after the company posted a decline in Q1 non-GAAP earnings.

Cognizant Technology Solutions ( CTSH ) has signed accelerated share repurchase agreements with Truist Bank and BNP Paribas covering $500 million of the company's class A common stock, the company said. Shares of Cognizant Technology Solutions ( CTSH ) were up more than 1% premarket.