01:47 PM EDT, 07/10/2024 (MT Newswires) -- Tech stocks were gaining Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.3%.

The Philadelphia Semiconductor index advanced 2.1%.

In corporate news, Intuit (INTU) shares fell 3.3% after the firm said it will eliminate around 1,800 jobs and close facilities in Boise, Idaho and Edmonton, Alberta, Canada in order to reallocate resources supporting AI initiatives and other high-growth sectors.