03:49 PM EDT, 10/14/2024 (MT Newswires) -- Tech stocks were rising late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) climbing 1.4% and the SPDR S&P Semiconductor ETF (XSD) adding 1.3%.

The Philadelphia Semiconductor index advanced 2%.

In corporate news, Zapata Computing ( ZPTA ) shares plunged nearly 72% after the company said in a regulatory filing late Friday that its board approved the cessation of operations due to insolvency.

Ibotta ( IBTA ) shares popped 6% after Goldman Sachs upgraded the company's stock to buy from neutral with a price target of $87.

BigBear.ai ( BBAI ) shares jumped past 17% after the company said Monday that the US Army has awarded it a $165.2 million five-year contract for Global Force Information Management Production Services.

IBM ( IBM ) faces a challenging first quarter of 2025 due to a combination of factors, including an incremental headwind to earnings from its pending acquisition of HashiCorp (HCP), UBS Securities said in a note. IBM ( IBM ) shares were rising 0.9%.