Sector Update: Tech Stocks Lean Lower Premarket Thursday

Technology stocks were leaning lower premarket Thursday, with the Technology Select Sector SPDR Fund XLK down 0.8% and the SPDR S&P Semiconductor ETF XSD falling 0.3%.

Meta Platforms META shares slid 16% after the company raised its total spending guidance for 2024.

IBM IBM reported Q1 non-GAAP earnings Wednesday of $1.68 per diluted share, up from $1.36 a year earlier. It also agreed to buy HashiCorp HCP, a multicloud infrastructure automation company, for $6.4 billion in cash, or $35 a share, confirming earlier reports. IBM shares slid 9.6% while HashiCorp shares advanced 5.1% pre-bell Thursday.

Celestica CCLS shares rose 3.9% after the company reported higher Q1 adjusted earnings and revenue.