01:35 PM EDT, 08/27/2024 (MT Newswires) -- Tech stocks rose Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) gaining 0.7% and the SPDR S&P Semiconductor ETF (XSD) adding 0.8%.

The Philadelphia Semiconductor index climbed 1.3%.

In corporate news, Apple ( AAPL ) said late Monday that Kevan Parekh will replace Luca Maestri as chief financial officer at the start of next year. Separately, Apple's ( AAPL ) iPhone 16 launch event on Sept. 9 will likely be the start of the "biggest upgrade cycle in its history with AI now on the doorstep," Wedbush said in a report. Apple ( AAPL ) shares rose 0.6%.