01:36 PM EDT, 06/03/2025 (MT Newswires) -- Tech stocks were higher Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.4% and the SPDR S&P Semiconductor ETF (XSD) climbing 3.4%.

The Philadelphia Semiconductor index rose 2.3%.

In corporate news, Microsoft ( MSFT ) has laid off over 300 additional employees, Bloomberg reported. The move adds to the 6,000 job cuts disclosed last month as the company continues to tighten its costs while investing in AI, the report said. Microsoft ( MSFT ) shares were up 0.3%.