Sector Update: Tech Stocks Fall Late Afternoon

03:50 PM EDT, 10/29/2026 (MT Newswires) -- Tech stocks declined late Thursday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 2.2%. The Philadelphia Semiconductor index lost 1.8%. In corporate news, Alphabet's (GOOGL) Q3 results missed Wall Street's estimates despite AI-led cloud revenue growth as capital spending more than doubled. The shares tumbled 13%. ServiceNow (NOW) shares plunged 26% after a Q3 non-GAAP earnings miss. Investors await proof of AI monetization, RBC Capital Markets said. Microsoft (MSFT) reported stronger-than-expected fiscal Q1 results. Separately, the company drew more than $115 billion in orders at the peak of its jumbo bond offering, making it one of the most sought-after US corporate bond sales on record, Bloomberg reported. The shares rose 0.6%. Fortinet (FTNT) shares fell 22% as several analysts cut their price targets on the stock a day after the company reported Q3 results.