Sector Update: Tech

12:59 PM EDT, 10/22/2026 (MT Newswires) -- Tech stocks were sharply lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 3.2% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 6.2%. The Philadelphia Semiconductor index slumped 6.3%. In corporate news, Meta Platforms (META) reported higher Q3 results year over year despite a nearly $10 billion litigation-related charge, while the technology giant issued a strong revenue outlook at the midpoint for Q4. Its shares fell past 7%.