Technology Sector Update for 06/07/2023: META, MRVL, AMZN, CD
Tech stocks were lower Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 1.3% and the Philadelphia Semiconductor index falling inching up 0.04%.
In company news, Meta Platforms' (META) Instagram allegedly promotes underage content and connects a network of pedophiles, investigations by The Wall Street Journal and researchers at Stanford University and the University of Massachusetts Amherst suggested. Meta shares were down 1.7%.
Marvell Technology (MRVL) won an order for Amazon.com's (AMZN) second-generation Application-Specific Integrated Circuit, or ASIC, chip design, media reports said Wednesday. Marvell Technology shares were up 1%.