01:09 PM EDT, 05/14/2026 (MT Newswires) -- Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.5%.

The Philadelphia Semiconductor index increased 0.8%.

In corporate news, Cisco ( CSCO ) shares jumped past 13% after it reported a year-over-year jump in fiscal Q3 earnings and revenue, topping market expectations, and raised its fiscal 2026 guidance. The firm also announced restructuring plans that included lay-offs of nearly 4,000 employees.