01:54 PM EST, 01/06/2025 (MT Newswires) -- Tech stocks rose Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) climbing 1.4% and the SPDR S&P Semiconductor ETF (XSD) gaining 3%.

The Philadelphia Semiconductor index jumped 3.6%.

In corporate news, Micron Technology ( MU ) shares surged 12%, leading a rally by semiconductor manufacturers.

Qualcomm ( QCOM ) said Monday it launched Snapdragon X, a new system-on-chip that it said delivers multiday battery life and faster performance compared with what competitors offer. Its shares were rising 2.7%.

Rekor Systems ( REKR ) shares popped more than 33%. The company said Monday it has repaid the outstanding balance of $15 million under an August 2024 prepaid advance agreement with Yorkville Advisors Global. Separately, Rekor ( REKR ) said Monday the New Mexico Department of Transportation has expanded its use of the company's traffic analytics systems.