Sector Update: Tech Stocks Decline Monday Afternoon

01:28 PM EST, 11/02/2026 (MT Newswires) -- Tech stocks were lower Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1% and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.2%. The Philadelphia Semiconductor index dropped 1.2%. In sector news, Anthropic reported a Q3 net loss on Monday of $23.29 billion, widening from a net loss of $12.14 billion a year ago but narrowing from a net loss of $66.31 billion the previous quarter, according to a regulatory filing. The company, which is set to go public this month, reported Q3 adjusted earnings of $3.17 billion, swinging from an adjusted loss of $1.17 billion a year earlier. Anthropic reported Q3 revenue of $16.96 billion, up from $1.38 billion a year ago and up from $11.56 billion in Q2. In corporate news, Marvell Technology (MRVL) has agreed to buy optical and photonic products maker Lumentum (LITE) in an all-stock deal worth about $115 billion, as the companies aim to create a leader in AI connectivity. Marvell shares fell 9.5%, and Lumentum dropped 15%. Oracle (ORCL) is offering $10 billion of shares of its common stock, par value $0.01 per share, the company said Monday in a regulatory filing. Oracle shares fell past 6%. Meta (META) is looking to raise at least $20 billion from a possible cross-border investment-grade bond offering, Bloomberg reported. Meta shares were down 0.5%. Alphabet (GOOGL) is set to raise 6 billion euros ($6.73 billion) from a seven-part euro bond sale with maturities ranging from two to 19 years, Bloomberg reported. Alphabet shares were up 1.4%.