01:39 PM EDT, 09/13/2024 (MT Newswires) -- Tech stocks rose Friday afternoon with the Technology Select Sector SPDR Fund (XLK) up 0.6% and the SPDR S&P Semiconductor ETF (XSD) jumping 2.3%.

The Philadelphia Semiconductor index advanced 1.7%.

In corporate news, Adobe (ADBE) shares slumped 8.8% after the company's Q4 revenue outlook missed market expectations. After the results late Thursday, Fubon downgraded Adobe to neutral with a price target of $610, and Citigroup, Bernstein, Melius and UBS cut their prices targets.