03:52 PM EDT, 08/13/2024 (MT Newswires) -- Tech stocks were sharply higher late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2.8% and the SPDR S&P Semiconductor ETF (XSD) jumping 3.5%.

The Philadelphia Semiconductor index climbed 3.6%.

In corporate news, Dell Technologies ( DELL ) shares jumped over 5% as Barclays upgraded its rating on the stock to equalweight from underweight with a price target of $97.

CXApp ( CXAI ) shares soared 86% after the company said late Monday that it secured a multi-million dollar deal with Alphabet's (GOOG) Google Cloud.

Sea (SE) shares popped nearly 11%. The company's Q2 earnings fell year over year while revenue rose more than expected, driven by its e-commerce segment.

Tencent Music Entertainment ( TME ) shares tumbled past 15%. The company's Q2 top line declined on a yearly basis mainly due to lower revenue in its social entertainment services segment, partially offset by gains in the online music unit.