Sector Update: Tech Stocks Fall Late Afternoon

03:28 PM EST, 11/13/2026 (MT Newswires) -- Tech stocks fell late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) declining 2.1% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.3%. The Philadelphia Semiconductor Index retreated 3.6%. In corporate news, Nvidia's (NVDA) board has approached Arm (ARM) boss Rene Haas in its search for a potential successor to Jensen Huang, the Financial Times reported. Haas, who previously worked at Nvidia for about seven years, is among several candidates and is not guaranteed an offer, the report said. Separately, Nvidia's former CEO Jensen Huang has been asked to voluntarily testify before the US Senate Banking Committee on Dec. 3, according to Committee Chair Tim Scott's Nov. 12 letter posted on X. HSBC downgraded Nvidia to hold from buy with a $170 price target. Nvidia shares were down 2.2%, and Arm was falling 4.7%. Microsoft (MSFT) said Friday on X that it is "seeing broad recovery and stability" across its services. "The incident was introduced by an issue during an earlier network capacity upgrade that surfaced following a recent network change," Microsoft said. "We have addressed the underlying issue and continue to restore service to remaining customers and regions." Microsoft shares were up 0.3%. Cisco (CSCO) shares fell 6.1% following the chipmaker's quarterly results. Space Exploration Technologies' (SPCX) potential merger with Tesla (TSLA) will face "tremendous scrutiny" under Texas Attorney General-elect Nathan Johnson, Bloomberg News reported, citing an interview with the recently elected Democrat. SpaceX shares were up 0.1%, and Tesla fell 1.7%.