03:59 PM EDT, 08/06/2024 (MT Newswires) -- Tech stocks were higher late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2% and the SPDR S&P Semiconductor ETF (XSD) adding 0.6%.

The Philadelphia Semiconductor index climbed 1.5%.

In corporate news, Lumen Technologies ( LUMN ) shares doubled after Citigroup upgraded the company's rating to neutral from sell, with a price target of $3.15.

Cadence Design Systems ( CDNS ) shares jumped 5.4% after Piper Sandler upgraded its rating on the stock to overweight from neutral with a price target of $318.

Palantir ( PLTR ) shares popped more than 10% after the software maker late Monday reported stronger-than-expected Q2 earnings and revenue.

Teradata ( TDC ) shares tumbled 14% after the company reported a lower Q2 revenue which trailed analysts' expectations.