Technology Sector Update for 05/03/2024: SPT, OSPN, MRIN, AAPL

Tech stocks rose late Friday afternoon with the Technology Select Sector SPDR Fund (XLK) climbing 2.8% and the SPDR S&P Semiconductor ETF (XSD) adding 2.2%.

The Philadelphia Semiconductor index climbed 2.2%.

In corporate news, Sprout Social's (SPT) shares plunged 39% after KeyBanc downgraded the stock to sector weight from overweight, citing "disappointing" Q1 results.

OneSpan (OSPN) shares jumped 14% following better-than-expected Q1 results.

Marin Software (MRIN) shares tumbled 21%, a day after reporting Q1 results.

Apple's (AAPL) shares rose 6.4% after earnings and sales beat market expectations, and the company announced an additional share-buyback program of up to $110 billion.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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