03:42 PM EST, 11/07/2024 (MT Newswires) -- Tech stocks rose late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) gaining 1.7% and the SPDR S&P Semiconductor ETF (XSD) adding 1.4%.

The Philadelphia Semiconductor index climbed 2.2%.

In corporate news, Wolfspeed ( WOLF ) shares plunged 38%. The company's Mohawk Valley revenue fell short of expectations, and guidance of $60 million in the December quarter and the downward revision for March-quarter revenue to $85 million from $100 million reflect broader demand challenges, Morgan Stanley said.