Wall Street fell on Friday, weighed down by a slide in semiconductor stocks. Market participants also received a key in-line inflation reading that did little to change expectations of a Federal Reserve interest rate cut in September.
The negative session contributed to overall slight weekly losses for all three major averages.
According to analysts, the next two weeks could determine whether the U.S. stock rally keeps rolling or runs into turbulence. A series of market-moving events such as job data, an inflation report and the Federal Reserve’s policy meeting, arrive within 14 trading sessions, just as the S&P 500 heads into September, historically its weakest month.
Traders are underpricing risks, according to Citi strategist Stuart Kaiser, with hedge funds betting heavily against volatility much like they did before past market shocks. A similar setup last year preceded the yen carry trade’s collapse.
As markets look forward to these volatile times, the broader benchmark index rose 0.33% last week, while the Technology Select Sector SPDR Fund ETF (NYSEARCA:XLK) gained 0.24% despite the slide in semiconductor stocks.
Let’s take a look at this week’s gainers and losers in the tech industry:
Gainers:
Autodesk (NASDAQ:ADSK) +8.43% : Shares of Autodesk climbed after second quarter fiscal 2026 results and outlook surpassed estimates which also saw largely positive reactions from analysts.
Fair Isaac (NYSE:FICO) +7.47% :
Seagate Technology (NASDAQ:STX) +5.14% :
Western Digital (NASDAQ:WDC) +4.38% :
Workday (NASDAQ:WDAY) +4.32% : Workday reported fiscal second-quarter results and guidance that topped expectations.
Losers:
Dell (NYSE:DELL) -6.64%:
Microchip Technology (NASDAQ:MCHP) -5.99% :
Super Micro Computer (NASDAQ:SMCI) -5.33% : Super Micro Computer cautioned that weaknesses in its controls related to financial disclosures may, if not remedied, hamper its ability to report results “in a timely and accurate manner.”
Gen Digital (NASDAQ:GEN) -4.37% :
ON Semiconductor (NASDAQ:ON) -4.36%: BofA Securities downgraded On Semiconductor’s rating to Neutral from Buy and lowered the price target to $56 from $70.
Meanwhile, on a monthly basis the tech sector has charted a growth of 2.09% last month, compared to a 3.56% gain in the broader benchmark index.
Let’s take a look at this month’s gainers and losers in the tech industry:
Gainers:
Intel (NASDAQ:INTC) +22.98%: Intel CFO David Zinsner said the company received $5.7B in cash as part of a deal with the Trump administration that will see the federal government take a roughly 10% stake in the chipmaker.
Dayforce (NYSE:DAY) +20.98%: Dayforce has entered into a definitive agreement with Thoma Bravo to become a privately held company in an all-cash transaction with an enterprise value of $12.3 billion.
Monolithic Power System (NASDAQ:MPWR) +17.51%: Monolithic Power Systems climbed after the fabless semiconductor firm reported its second quarter 2025 financial results. For the quarter ended June 30, Monolithic Power reported adjusted earnings per share of $4.21 which was more than the consensus estimate of $4.12.
Enphase Energy (NASDAQ:ENPH) +16.50%: Enphase Energy was upgraded to Hold from Underperform with a $36 price target at Jefferies, anticipating better than expected near-term revenues while acknowledging lingering concerns on the state of residential solar in the outer years.
HP Inc (NYSE:HPQ) +15.08%: Shares of HP rose after third-quarter results and outlook, which largely drew neutral reactions from analysts. The analysts noted that HP reported a solid July-quarter revenue beat while EPS came in in-line.
Losers:
Super Micro Computer (SMCI) -29.56%:
Gartner (NYSE:IT) -25.83%: UBS downgraded Gartner’s rating to Neutral from Buy citing a complete reset of contract value, or CV, expectations. The analysts added that Gartner now becomes a +3% organic grower in 2026 estimates from +6% previously.
Fortinet (NASDAQ:FTNT) -21.15%: Fortinet received multiple downgrades following its second quarter 2025 financial results and outlook as new information on its firewall refresh cycle was revealed.
Intuit (NASDAQ:INTU) -15.05%: Intuit projected Q1 and FY2026 revenue growth will slow from FY2025 rates.
Fidelity National Information Services (NYSE:FIS) -12.09%: Fidelity National Information Services stock slid after the provider of technology for financial institutions issued soft guidance for Q3 earnings and adjusted EBITDA.
U.S. Tech-based ETFs to track: (NASDAQ:QQQ), (NYSEARCA:VGT), (XLK), (NASDAQ:SMH), (NYSEARCA:IYW), (NYSEARCA:FTEC), (NASDAQ:SOXX), (BATS:IGV), (NASDAQ:CIBR), (NYSEARCA:IGM), (NYSEARCA:IXN).