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Sector Update: Tech Stocks Gain Friday Afternoon

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Sector Update: Tech Stocks Gain Friday Afternoon

Nov 3, 2024 11:48 AM

01:56 PM EDT, 10/25/2024 (MT Newswires) -- Tech stocks gained Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.7% and the SPDR S&P Semiconductor ETF (XSD) climbing 1.6%.

The Philadelphia Semiconductor index advanced 1.7%.

In corporate news, Microsoft ( MSFT ) Chief Executive Officer Satya Nadella's compensation in 2024 increased to $79.1 million, up by 63% from a year earlier, according to a regulatory filing. Microsoft ( MSFT ) shares rose 0.9%.

Alphabet's (GOOG) Waymo autonomous vehicle unit closed an oversubscribed $5.6 billion funding round. Alphabet shares added 1.2%.

Meta Platforms ( META ) signed a multiyear agreement to use Thomson Reuters' ( TRI ) news to respond to user prompts in the Meta AI chatbot, Axios reported. Meta shares advanced 1.3% and Thomson Reuters ( TRI ) eased 0.6%.

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