Sector Update: Tech

03:19 PM EST, 11/02/2026 (MT Newswires) -- Tech stocks were lower late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.2% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 1.8%. The Philadelphia Semiconductor index shed 2.6%. In corporate news, Snap (SNAP) has settled a lawsuit filed by two teenagers in the US alleging that the social media app contributed to their mental health issues, Bloomberg reported, citing the attorneys for the plaintiffs. The settlement agreement was reached in the middle of jury selection in Los Angeles, the report said, adding that the case in California state court was set to go to trial this week. Snap shares were up 3.3%.