01:55 PM EDT, 05/20/2024 (MT Newswires) -- Tech stocks rose Monday afternoon with the Technology Select Sector SPDR Fund (XLK) up 1.1% and the SPDR S&P Semiconductor ETF (XSD) gaining 1.3%.

The Philadelphia Semiconductor index jumped 2.1%.

In corporate news, CyberArk Software ( CYBR ) agreed to buy machine identity management company Venafi from Thoma Bravo for $1.54 billion in cash and stock. CyberArk shares rose 0.7%.

Apple ( AAPL ) launched a significant discount campaign on its official Tmall site in China, offering up to 2,300 yuan ($318) off select iPhone models, Reuters reported. The tech giant's shares climbed 0.9%.

Jabil ( JBL ) named a new chief executive following an internal investigation into "corporate policies," and the company withdrew its fiscal 2025 guidance amid the unexpected leadership change. The stock jumped 6.8%.