03:49 PM EDT, 08/30/2024 (MT Newswires) -- Tech stocks rose late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 0.8% and the SPDR S&P Semiconductor ETF (XSD) gaining 1.4%.

The Philadelphia Semiconductor index climbed 2%.

In corporate news, Elastic (ESTC) shares plunged past 27%. The company reported disappointing fiscal Q1 results after a "poorly managed sales segmentation change" that led to fewer contracted commitments, Oppenheimer said in a note.

CrowdStrike's ( CRWD ) Senior Vice President of Counter Adversary Operations Adam Meyers will testify before the US House Homeland Security Subcommittee on Cybersecurity and Infrastructure Protection on Sept. 24, the panel said Friday. CrowdStrike ( CRWD ) shares were rising 2.1%.

Intel ( INTC ) is working with Morgan Stanley (MS) and Goldman Sachs (GS) on strategy, including the prospect of M&A deals or a split of businesses, Bloomberg reported. Intel ( INTC ) shares jumped 8.5%.

MongoDB ( MDB ) shares surged nearly 17%. The company's fiscal Q2 results demonstrated "some stabilization" in operations after a "shaky" start to 2024 as management highlighted a rebound, Truist Securities said.