The tech sector is trading just lower today, but ahead of losses in the broader market. Semiconductors are showing relative strength in the tech space with the Philly Semi Index trading 0.7% higher. Among chips in the index, MU (+1.9%) is a notable leader. Among other major indices, the S&P 500 is trading 0.5% lower while the NASDAQ is trading 0.2% lower. The QQQ, meanwhile, is flat. Among tech bellwethers, AAPL (+0.2%) is showing strength ahead of its WWDC event today, while VZ (-0.8%) is under pressure.
In earnings this morning, PRGS (-8.4%) lowered guidance below consensus. In news, NTDOY (-1.1%) server security was breached, according to reports out over the weekend.
Among the more notable analyst upgrades this morning, RHT (+0.9%) was upgraded to Overweight at Evercore and MMYT (+2.5%) was upgraded to Outperform at Oppenheimer. In downgrades this morning, FTE (-1.2%) was downgraded to Hold at Citigroup, SWI (+0.1%) was downgraded to Equal Weight at Evercore, and PCS (-2.6%) was downgraded to Sector Perform at RBC Capital Markets.
No notable tech names are set to report results today after the close.






