Technology Sector Update for 09/19/2023: RXT, DAVA, TSM

Tech stocks were lower Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the Philadelphia Semiconductor index falling 0.9%.

In company news, Rackspace Technology (RXT) shares jumped past 36% after Raymond James upgraded the stock to outperform from market perform.

Endava (DAVA) shares rose over 10% after the company reported better-than-expected fiscal Q4 results.

Taiwan Semiconductor Manufacturing (TSM) suppliers and top executives have met with Arizona Governor Katie Hobbs, who highlighted the state's leadership in advanced manufacturing and called for continued investments in Arizona, according to a statement Monday from Hobbs' office. Taiwan Semiconductor Manufacturing shares fell 0.7%.

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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