Sector Update: Tech Edging Lower Despite Modest Gains by Chipmakers

Technology stocks were lower with the SPDR Technology Select Sector ETF XLK Friday slipping 0.5% although the Philadelphia Semiconductor Index was climbing 0.3% this afternoon.

In company news, Veeco Instruments VECO rose 2% after the semiconductor equipment company late Thursday said it has secured a new, $150 million senior secured revolving credit facility maturing in December 2026. The new loan package carries an interest rate equal to the secured overnight financing rate plus 150 to 225 basis points.

Palantir Technologies PPLTR was 3.4% higher after the intelligence software firm Friday said the US Army has exercised a second option year for its data analytics partnership with the company on the Army's Vantage program, triggering an additional $116.3 million in payments to Plantir.

Apple AAPL fell 0.2% following reports the tech giant is indefinitely postponing a return by employees to its US offices and provide them with $1,000 to buy equipment required for remote working. Apple employees will tell employees a month in advance before a new return date is set, according to staff memo sent by Apple CEO Tim Cook obtained by multiple media outlets.