01:34 PM EDT, 04/03/2024 (MT Newswires) -- Tech stocks were higher Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) increasing 0.6% and the SPDR S&P Semiconductor ETF (XSD) up 0.9%.

The Philadelphia Semiconductor index rose 0.8%.

In corporate news, Intel ( INTC ) officials said the company's chip foundry business suffered a 2023 operating loss of $7 billion on sales of $18.9 billion, widening from a loss of $5.2 billion on $27.5 billion in sales a year earlier, news outlets reported. Intel ( INTC ) shares dropped 7.2%.