In the late afternoon trading on Friday, tech stocks displayed a mixed performance. The Technology Select Sector SPDR Fund (XLK) saw a rise of 0.6%, while the Philadelphia Semiconductor index experienced a slight decline of 0.3%.
In a significant development, YouTube, the popular online video-sharing platform owned by Alphabet Inc. (NASDAQ: GOOGL), announced on Friday that it will no longer remove content alleging widespread fraud or glitches in the 2020 and previous US presidential elections. This decision caused Alphabet shares to rise by 0.77%.
In addition, Sidus Space, Inc. (NASDAQ: SIDU) said it has received an additional hardware manufacturing subcontract to back NASA’s Artemis Program and Space Launch System Manned Vehicle. Its shares dropped 2.67%, erasing earlier gains.
Moreover, Guidewire Software, Inc. (NYSE: GWRE) experienced a significant setback as its shares slumped by 14.43%. The company reported lower-than-expected revenue in fiscal Q3 and subsequently reduced its revenue guidance for fiscal 2023.
Looking ahead, Apple Inc. (NASDAQ: AAPL) is set to showcase its new RealityPro virtual and augmented reality headset at the upcoming Worldwide Developers Conference. Analysts at Morgan Stanley believe this product could serve as a catalyst for Apple’s stock, which saw a modest increase of 0.48% in anticipation of the event.
