09:08 AM EDT, 05/21/2025 (MT Newswires) -- Technology stocks fell pre-bell Wednesday with the Technology Select Sector SPDR Fund (XLK) 0.8% lower and the SPDR S&P Semiconductor ETF ( XSD ) down 1.6% recently.

Wolfspeed ( WOLF ) is preparing to file for bankruptcy in the coming weeks after rejecting creditor-led proposals to restructure its $6.5 billion in debt, The Wall Street Journal reported, citing unnamed sources familiar with the matter. Shares of Wolfspeed ( WOLF ) declined by over 62% premarket.

Baidu ( BIDU ) shares were up over 1% after the company reported Q1 non-GAAP earnings per share and revenue that exceeded analysts' expectations.

Wix.com ( WIX ) shares declined by more than 5% after the company reported Q1 adjusted earnings per share that missed analysts' expectations.