Technology Sector Update for 06/08/2023: HCP, SCWX, CD, XLK, SOXX

Technology stocks were edging higher premarket Thursday as the Technology Select Sector SPDR Fund (XLK) was up 0.2% and the iShares Semiconductor ETF (SOXX) was recently gaining 0.35%.

HashiCorp (HCP) was retreating by more than 21% after saying it now expects fiscal 2024 revenue of $564 million to $570 million, compared with its prior guidance of $591 million to $595 million. The company also said it will reduce its workforce by 8% and plan targeted cuts in discretionary spending.

SecureWorks (SCWX) was down over 5% after it reported a fiscal Q1 non-GAAP net loss of $0.20 per share, wider than a loss of $0.09 a year earlier. Four analysts polled by Capital IQ expected a loss of $0.15.