03:32 PM EDT, 05/06/2024 (MT Newswires) -- Tech stocks rose late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 0.9% and the SPDR S&P Semiconductor ETF (XSD) gaining 1.3%.

The Philadelphia Semiconductor Index climbed 1.9%.

In corporate news, Luminar Technologies ( LAZR ) shares dropped 3% after the company said it was letting go of about 20% of its workforce as part of a restructuring plan.