09:10 AM EDT, 04/28/2026 (MT Newswires) -- Technology stocks were lower pre-bell Tuesday, with the State Street Technology Select Sector SPDR ETF (XLK) retreating by 2.4% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 4.2%.

Microsoft (MSFT) stock was down 1% premarket after Raymond James and BMO Capital cut their price targets for the company. The Wall Street Journal reported that Microsoft-backed OpenAI recently missed its own targets for new users and revenue.

Intel (INTC) shares were down more than 3% before the bell. Bloomberg reported the company has launched an investment-grade bond sale to help finance its $14.2 billion plan to regain full ownership of its Irish chip manufacturing facility.

ON Semiconductor (ON) shares were down more than 2% in premarket activity. The company said it has expanded its strategic collaboration with Geely to accelerate development of next-generation electric and hybrid vehicles, with a focus on high-voltage 900V architectures.