01:34 PM EDT, 07/31/2024 (MT Newswires) -- Tech stocks were gaining Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 3.6% and the SPDR S&P Semiconductor ETF (XSD) up 3.4%.

The Philadelphia Semiconductor index climbed 5.5%.

In corporate news, Microsoft ( MSFT ) late Tuesday reported stronger-than-expected fiscal Q4 results, but its cloud revenue missed Wall Street's estimates. Its shares were falling 1.4%.