09:09 AM EDT, 04/20/2026 (MT Newswires) -- Technology stocks were leaning lower premarket Monday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.2% and the State Street SPDR S&P Semiconductor ETF ( XSD ) declining by 0.8%.

Alphabet's (GOOG, GOOGL) Google ( GOOG ) is negotiating with Marvell Technology ( MRVL ) to develop two new processors optimized for artificial intelligence inference tasks, The Information reported, citing two people with knowledge of the discussions. Shares of Marvell Technology ( MRVL ) were up more than 5% pre-bell.

Meta Platforms ( META ) plans to initiate its layoffs planned for this year on May 20, with more expected to come later, Reuters reported, citing people familiar with the matter. Meta Platforms ( META ) shares were down 0.7% premarket.

Parsons (PSN) said the Los Angeles Department of Water and Power selected the company to provide demand response technology, integration, and services. Parsons stock was 0.2% lower pre-bell.