XLK Drops 8.29% in October as Intel Leads Technology Stock Losses
Photo: TokenPost
The State Street Technology Select Sector SPDR ETF (XLK) fell 8.29% in October as rising financing costs prompted questions about whether artificial intelligence infrastructure investment would keep its pace. Intel dropped 45.20%, the steepest decline among the stocks highlighted, after its fourth-quarter revenue, earnings and gross-margin guidance came in below estimates. Sandisk, Coherent and Teradyne also recorded sharp losses. PTC gained 33.50%, the strongest advance among the stocks highlighted, after Schneider Electric agreed to acquire it for $205 per share. Gen Digital and Roper Technologies also rose sharply.
Source: TokenPost
