Sector Update: Tech Stocks Higher in Afternoon Trading

MT newswire2026/09/22 17:39

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01:39 PM EDT, 09/22/2026 (MT Newswires) -- Tech stocks advanced Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) rising 1.4%. The Philadelphia Semiconductor index added 1.3%. In sector news, President Donald Trump has rejected calls to impose new regulations on the development of AI, saying US authorities will be able to rein in the sector if needed, media outlets reported Tuesday. In corporate news, Alibaba (BABA) unveiled its newest AI chip on Tuesday along with updates to its AI models, agent platforms and cloud infrastructure, as the Chinese giant looks to strengthen its position in the AI industry. Shares rose 0.6%. Amazon-backed (AMZN) Anthropic CEO Dario Amodei will brief the UN Security Council on Wednesday alongside Microsoft-backed (MSFT) OpenAI CEO Sam Altman in a meeting about the future of AI, Bloomberg reported. Amazon shares were down 1.7%, and Microsoft was shedding 1.1%. Apple (AAPL) is developing a screenless fitness tracker similar to Whoop's wrist device, Bloomberg reported. Shares added 0.7%.

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A survey by Citigroup shows that among 350 family offices across more than 40 countries, inflation has replaced trade wars and tariffs as their biggest concern, followed by interest rates and the stability of the global financial system. More than 90% of family offices surveyed reported positive returns this year, and nearly half said they increased their holdings of publicly listed stocks in the first half of the year. Meanwhile, Citigroup’s head of wealth management noted that gold now features in almost every client conversation he has.

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