03:52 PM EDT, 09/13/2024 (MT Newswires) -- Tech stocks were higher late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.5% and the SPDR S&P Semiconductor ETF (XSD) climbing 2%.

The Philadelphia Semiconductor index advanced 1.6%.

In corporate news, the European Commission is weighing whether to require Alphabet's (GOOG) Google ( GOOG ) to end its anti-competitive practices in its ad tech business but is unlikely to order a breakup as previously cautioned, Reuters reported Friday. Alphabet shares rose 2%.

Nvidia ( NVDA ) received the US government's nod earlier this year to sell advanced chips to United Arab Emirates-based artificial intelligence firm G42, Semafor reported Friday. Nvidia ( NVDA ) shares were easing 0.2%.

Adobe (ADBE) shares tumbled over 8% after the company's Q4 revenue outlook missed market expectations. After the results late Thursday, Fubon downgraded Adobe to neutral with a price target of $610, and Citigroup, Bernstein, Melius and UBS cut their prices targets on the stock.

Upwork ( UPWK ) investor Engine Capital on Friday urged the company to refresh its board and proposed other measures to boost shareholder value. Upwork ( UPWK ) shares jumped past 9%.