Tech stocks were mixed Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.1% and the Philadelphia Semiconductor index advancing around 2%.
In company news, MercadoLibre (MELI) shares were down about 6% after BofA Securities downgraded the e-commerce company to neutral from buy and cut its price target to $1,350 from $1,680.
ChipMOS Technologies (IMOS) was down 2.2% after it reported Monday Q2 revenue of NT$5.44 billion ($174.8 million), down 20.5% from a year earlier.
Meta Platforms (META) Chief Executive Mark Zuckerberg said its new text application Threads reached 100 million signups as of the weekend. Meta shares were nearly flat.
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