01:35 PM EDT, 05/02/2024 (MT Newswires) -- Tech stocks were gaining Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) each adding 1.1%.

The Philadelphia Semiconductor index climbed 1.6%.

In corporate news, Qualcomm ( QCOM ) fiscal Q2 results grew more than expected as the chip supplier reported a third consecutive quarter of record automotive revenue. Its shares jumped 9.8%.