The tech sector is trading lower today, ahead of larger losses in the broader market. Semiconductors are trading in line with weakness in the tech space with the Philly Semi Index trading 1.1% lower. Among chips in the index, STM (-6.1%) and AMD (-4.4%) are notable laggards. In other major indices, the S&P 500 is trading 1.6% lower while the NASDAQ is trading 1.2% lower. The QQQ, meanwhile, is trading 1.1% lower. Among tech bellwethers, ORCL (-2.2%) and GOOG (-1.7%) are under pressure.
In earnings last night, RHT (+5.6%) posted a beat and raise.
Among the more notable analyst upgrades this morning, CAVM (-0.4%) was upgraded to Buy at UBS. In downgrades this morning, FFIV (-1.4%) was downgraded to Neutral at JP Morgan, TSM (-2.1%) was downgraded to Underperform at BofA/Merrill, and VECO (-3.8%) was downgraded at Noble Financial.
ORCL (-2.2%) and MU (-1.6%) are the notable tech names set to report results today after the close.






