Tech stocks were lower late Tuesday with the Technology Select Sector SPDR Fund (XLK) decreasing 0.7% and the Philadelphia Semiconductor index falling 0.6%.
Alibaba (BABA) shares were shedding 4.5% after the company said that Daniel Zhang plans to step down as chairman and chief executive to focus on the e-commerce giant’s cloud division.
Micron Technology’s (MU) $2.7 billion semiconductor testing and packaging facility in India was approved by the Indian cabinet ahead of Prime Minister Narendra Modi’s visit to the US this week, Reuters reported. Micron shares were down 1%.
Alphabet’s (GOOG) unit Google has been discussing the possibility of moving some of its Pixel phone production to India with potential local partners, Bloomberg reported. Alphabet shares rose 0.1%
Amazon.com (AMZN) is facing an investigation from Senator Bernie Sanders regarding the working conditions inside its warehouses, the Washington Post reported. Amazon shares were up 0.4%.
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