Sector Update: Tech Stocks Mixed Monday Afternoon
MT newswire2026/10/05 17:3501:35 PM EDT, 10/05/2026 (MT Newswires) -- Tech stocks were mixed Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) shedding 0.7%. The Philadelphia Semiconductor index was fractionally lower. In corporate news, Schneider Electric said Monday it is acquiring PTC (PTC) in an all-cash deal valued at $23.7 billion. Schneider said it will pay $205 per PTC share. PTC shares surged nearly 34%. SpaceX (SPCX) shares are "cheap and getting cheaper," Morgan Stanley analyst Adam Jonas said in a note. The shares have hovered around $150 per share since early August, and at $159, investors can take advantage of an opportunity to buy shares that, "while expensive on any trailing metric, look unusually cheap on the forward," Jonas said. Morgan Stanley maintained its overweight rating and $300 price target on the company. SpaceX shares jumped nearly 6%. Nvidia's (NVDA) $20 billion licensing deal with Groq is the subject of a lawsuit alleging that Groq's board improperly sold the AI firm's core assets and top engineers, the Financial Times reported. The lawsuit, filed on Friday by Groq engineers and shareholders Benjamin Serebrin and Joshua Rubin, accuses the firm's board of not seeking to get the best price and structure for all shareholders, and not allowing some of them to vote on the deal, the report said. Nvidia shares were up 1.5%.
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