01:53 PM EDT, 05/07/2024 (MT Newswires) -- Tech stocks were higher Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) increasing 0.2% and the SPDR S&P Semiconductor ETF (XSD) up 0.6%.

The Philadelphia Semiconductor index edged up 0.2%.

In corporate news, Datadog ( DDOG ) lifted its full-year outlook after recording better-than-expected Q1 results, while the software maker announced that President Amit Agarwal will step down. Its shares sank past 10%.

Thoughtworks ( TWKS ) shares soared 20% after the company reported Q1 financial results and named a new chief executive.

Teradata ( TDC ) tumbled 13% after BofA Securities downgraded the stock to underperform from neutral and cut its price target to $39 from $48.