03:34 PM EDT, 10/08/2024 (MT Newswires) -- Tech stocks were higher late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.9% and the SPDR S&P Semiconductor ETF (XSD) up 0.4%.

The Philadelphia Semiconductor index climbed 1.4%.

In corporate news, Microsoft ( MSFT ) could see its near-term financials hit by losses tied to OpenAI, Oppenheimer said in a note Tuesday. Oppenheimer downgraded Microsoft's ( MSFT ) stock to perform from outperform. Microsoft ( MSFT ) shares were rising 1.1%.