03:58 PM EDT, 03/20/2024 (MT Newswires) -- Tech stocks gained late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 1.1% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.2%.

The Philadelphia Semiconductor index rose 1.5%.

In corporate news, Astera Labs (ALAB) shares debuted on Nasdaq Wednesday with an opening price of $52.56, above the initial public offering price of $36 per share. The shares were up 69% in late trading.

Alight (ALIT) agreed to sell its entire professional services segment as well as a payroll and outsourcing business to an affiliate of investment firm H.I.G. Capital on Wednesday for up to $1.2 billion. Alight shares popped 13%.

JinkoSolar ( JKS ) shares dropped 5.8% after the company reported Q4 earnings Wednesday of 0.54 renminbi ($0.08) per diluted American depositary share, down from 5.01 renminbi a year earlier.

Mobileye (MBLY) shares rose 7.4% after the company signed a cooperation agreement with Volkswagen ADMT to develop a self-driving system for Volkswagen's ID.Buzz electric vehicle.