Technology stocks were declining premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.5% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.6% lower.
IBM (IBM), GlobalFoundries (GFS) and D-Wave Quantum (QBTS) are among the major quantum companies set to receive billions in proposed US government backing as the Trump administration ramps up efforts to cement America's lead in quantum computing. IBM shares were up more than 5%, GlobalFoundries stock was advancing past 13%, and D-Wave Quantum shares were up more than 14% pre-bell.
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