01:28 PM EDT, 05/20/2024 (MT Newswires) -- Tech stocks were higher Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.2% and the SPDR S&P Semiconductor ETF (XSD) spiking 1.8%.

The Philadelphia Semiconductor index climbed 2.3%.

In corporate news, CyberArk Software ( CYBR ) said Monday that it agreed to acquire machine identity management company Venafi from Thoma Bravo in a cash-and-stock deal with an enterprise value of about $1.54 billion. CyberArk shares rose 0.8%.