03:31 PM EDT, 07/31/2024 (MT Newswires) -- Tech stocks were higher late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) spiking 3.6% and the SPDR S&P Semiconductor ETF (XSD) gaining 3.7%.

The Philadelphia Semiconductor index jumped nearly 6%.

In corporate news, Intel ( INTC ) shares were adding 1.7% in recent trading after Bloomberg reported Tuesday that the company is planning to cut thousands of jobs to streamline costs and recover from recent earnings and market share declines.