Sector Update: Tech

Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.9% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.1%. The Philadelphia Semiconductor index shed 3.2%. In corporate news, ASML (ASML) reported Q2 earnings Wednesday of 7.58 euros ($8.66) per diluted share, up from 5.90 euros a year earlier but below the FactSet consensus analyst estimate of 8.59 euros. Second-quarter net sales were 9.33 billion euros, up from 7.69 billion euros a year ago but below the FactSet consensus of 10.44 billion euros. Separately, ASML is planning to raise prices for its chip production equipment, The Information reported. The price increase has elicited a pushback from chipmaker Taiwan Semiconductor Manufacturing (TSM), two of the sources told the news outlet. ASML shares were up 0.5%, and Taiwan Semiconductor was shedding 0.9%.