01:35 PM EDT, 05/13/2024 (MT Newswires) -- Tech stocks were advancing Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.6% and the SPDR S&P Semiconductor ETF (XSD) up 0.5%.

The Philadelphia Semiconductor index rose 0.4%.

In corporate news, Squarespace ( SQSP ) shares surged 13% after the company said it has agreed to be acquired and taken private by UK investment firm Permira in an all-cash deal with an enterprise value of about $6.9 billion.