03:57 PM EDT, 05/28/2024 (MT Newswires) -- Tech stocks rose late Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) increasing 0.3% and the SPDR S&P Semiconductor ETF (XSD) advancing 1.3%.

The Philadelphia Semiconductor index climbed 1.6%.

In corporate news, Zscaler ( ZS ) shares fell 4.7% as Wells Fargo downgraded the company to equalweight from overweight while reducing the price target to $182 from $275. Other price target cuts were from Barclays and RBC.

Pagaya Technologies ( PGY ) shares rose 1.3%. The stock will join the Russell 2000 Index and the broad-market Russell 3000 index, effective July 1.

Elliott Investment Management made a $2.5 billion investment in Texas Instruments ( TXN ) and is urging the company to improve its free cash flow, the activist hedge fund said Tuesday. Texas Instruments ( TXN ) shares rose 0.3%.

Semler Scientific ( SMLR ) shares surged 28% after the company said it will use bitcoin as its primary treasury reserve asset after buying 581 bitcoins for $40 million.