03:34 PM EDT, 03/12/2025 (MT Newswires) -- Tech stocks were higher late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.6% and the SPDR S&P Semiconductor ETF (XSD) adding 1.7%.

The Philadelphia Semiconductor index climbed 2.5%.

In corporate news, Apple's ( AAPL ) delay in releasing advanced Siri capabilities means the company will have fewer features to encourage iPhone upgrades in fiscal 2026, eventually leading to a slower replacement cycle for iPhones, Morgan Stanley said in a Wednesday note. Morgan Stanley cut Apple's ( AAPL ) price target to $252 from $275 while keeping its overweight rating. Apple ( AAPL ) shares were down 2.4%.