Technology Sector Update for 02/06/2023: NOW, DELL, ON, UMC

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By Amit

Technology stocks continued to fall late Monday afternoon with the Technology Select Sector SPDR Fund (XLK) still falling 1.4% while the Philadelphia Semiconductor Index retreated almost 2%.

In company news, ServiceNow (NOW) fell 4% after the company said late Friday that Chief Executive Officer William McDermott sold 53,933 shares of the company for about $24.7 million on Feb. 1.

Dell Technologies (DELL) shares were down about 3% after the company reported in a regulatory filing that it will reduce its workforce by 5% as part of a planned reorganization.

United Microelectronics’ (UMC) shares were down 3.2% after it said January sales fell 4.3% from a year earlier.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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