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Sector Update: Tech Stocks Gain Friday Afternoon

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Sector Update: Tech Stocks Gain Friday Afternoon

Apr 26, 2024 11:03 AM

01:49 PM EDT, 04/26/2024 (MT Newswires) -- Tech stocks were rising in Friday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) adding 1.5% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.2%.

The Philadelphia Semiconductor index advanced 2.8%.

In corporate news, Alphabet (GOOG) shares increased about 10%, after the company breached the $2 trillion market value mark following a surge in Q1 earnings and sales. The company also said its board approved a quarterly cash dividend program and up to $70 billion buyback program.

Microsoft ( MSFT ) shares rose 2.7% after the tech giant reported late Thursday Q3 net income and revenue that came in above consensus estimates.

Snap (SNAP) shares jumped 30% after the company reported higher Q1 non-GAAP earnings and revenue.

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