Sector Update: Tech Stocks Ease Late Afternoon

Tech stocks declined late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) down 0.3% and the SPDR S&P Semiconductor ETF (XSD) easing 0.2%.

The Philadelphia Semiconductor index dropped 0.4%.

In corporate news, BM Technologies BMTX shares surged 59%, a day after the company reported Q1 revenue that beat market expectations.

Spire Global SPIR shares fell 13%, a day after the company reported a wider-than-expected non-GAAP net loss for Q1, and revenue growth missed forecasts.

Synopsys' SNPS planned acquisition of Ansys ANSS is facing regulatory scrutiny in China, the companies said in separate filings. The proposed deal values Ansys at about $35 billion in cash and stock. Synopsys shares fell 1.7% and Ansys was down 0.4%.

Alphabet-owned GOOG Google's potential deal to license its Gemini generative artificial intelligence for iPhones may be featured at Apple's AAPL Worldwide Developers Conference in June, UBS Securities said in a report. Alphabet shares added 1%, and Apple gained 0.1%.