01:35 PM EDT, 05/12/2025 (MT Newswires) -- Tech stocks were sharply higher Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) climbing 4.4% and the SPDR S&P Semiconductor ETF (XSD) surging 8.6%.

The Philadelphia Semiconductor index jumped 7.3%.

In corporate news, semiconductor stocks were rallying on Monday after the US and China agreed to suspend most tariffs on each other's goods. Shares of chipmaker Nvidia ( NVDA ) were up 5.2%. Qualcomm ( QCOM ) , Broadcom ( AVGO ) , Advanced Micro Devices ( AMD ) and Marvell Technology ( MRVL ) were all sharply higher.