Sector Update: Tech Stocks Edge Higher Friday Afternoon

MT newswire2026/09/18 17:35

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01:35 PM EDT, 09/18/2026 (MT Newswires) -- Tech stocks were edging higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) fractionally up and the State Street SPDR S&P Semiconductor ETF (XSD) adding 0.3%. The Philadelphia Semiconductor index rose 1.1%. In sector news, California Governor Gavin Newsom issued an executive order Friday to speed up independent oversight of AI companies and advance creation of an emergency "AI kill switch" for frontier models, his office said in a statement. In corporate news, Apple (AAPL) faces softer early demand for its new iPhone 18 Pro and Pro Max based on shorter wait times since preorders opened on Saturday, UBS Securities said in a note. Apple shares were down 0.6%. New York City Council Speaker Julie Menin said Friday on X that the chamber asked Meta (META) CEO Mark Zuckerberg, Alphabet's (GOOGL, GOOG) Google CEO Sundar Pichai and X's Elon Musk participate in its Oct. 5 hearing on potential risks posed by AI. Meta shares were down 1.7%, and Alphabet added 0.6%. SpaceX (SPCX) has secured a $946 million contract modification from NASA for three additional crew missions to the International Space Station, the agency said in a Friday statement. SpaceX shares were down 1.8%.

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The US Treasury will conduct auctions of two-year, five-year, and seven-year Treasury bonds next week. Currently, traders are racing to borrow bonds to short them, driving the borrowing costs for short-term Treasuries sharply higher. On Friday, the overnight repo rate for borrowing the current two-year Treasury was about 0.79%, while the rate for the five-year even dropped to as low as -0.85%. In contrast, the repo rate for regular Treasuries was around 3.88%.

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