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Technology stocks were lower on Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) slipping 1.3% while the Philadelphia Semiconductor index was falling 1.6%.
In company news, Alibaba (BABA) shares were rising 15% after the e-commerce giant said it plans to split its business into six main units, with each able to raise outside capital and explore an initial public offering.
Apple (AAPL) was down 1.2% after it said that it has introduced Apple Pay Later in the US. The product allows users to split purchases into four payments, spread over six weeks with no interest and fees.
Microsoft (MSFT) is nearing a settlement to suspend antitrust complaints from European companies Aruba, OVHcloud and the Danish Cloud Community, Bloomberg News reported Tuesday, citing unnamed sources familiar with the matter. Microsoft shares were down 1.3%.
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