Technology Sector Update for 05/07/2024: DDOG, TWKS, TDC

Tech stocks were higher Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) increasing 0.2% and the SPDR S&P Semiconductor ETF (XSD) up 0.6%.

The Philadelphia Semiconductor index edged up 0.2%.

In corporate news, Datadog (DDOG) lifted its full-year outlook after recording better-than-expected Q1 results, while the software maker announced that President Amit Agarwal will step down. Its shares sank past 10%.

Thoughtworks (TWKS) shares soared 20% after the company reported Q1 financial results and named a new chief executive.

Teradata (TDC) tumbled 13% after BofA Securities downgraded the stock to underperform from neutral and cut its price target to $39 from $48.

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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