03:35 PM EDT, 05/28/2024 (MT Newswires) -- Tech stocks were advancing late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) increasing 0.1% and the SPDR S&P Semiconductor ETF (XSD) rising 0.9%.

The Philadelphia Semiconductor index climbed 1.6%.

In corporate news, Zscaler ( ZS ) shares were falling 4.3% as Wells Fargo downgraded the company to equal-weight from overweight while cutting its price target to $182 from $275. Other price target cuts were from Barclays to $205 from $240 and RBC to $215 from $265.