03:32 PM EDT, 07/02/2025 (MT Newswires) -- Tech stocks were higher late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.9% and the SPDR S&P Semiconductor ETF (XSD) climbing 2%.

The Philadelphia Semiconductor index rose 1.7%.

In corporate news, NXP Semiconductors ( NXPI ) will "deliver a strong Q2" and issue an optimistic Q3 guidance, resulting in 5% to 10% upgrade to the full-year earnings per share consensus estimate, UBS Securities said in an earnings preview Wednesday. UBS raised its price target on the company's stock to $276 from $250 and reiterated its buy rating. NXP shares popped 4.5%.