02:03 PM EST, 03/06/2024 (MT Newswires) -- Tech stocks advanced Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) adding 0.9% and the SPDR S&P Semiconductor ETF (XSD) jumping 2.9%.

The Philadelphia Semiconductor index gained 2.7%.

In corporate news, Palantir Technologies ( PLTR ) shares gained almost 11% after the US Army awarded a subsidiary, Palantir USG, a $178.4 million contract to lead in the development of 10 ground station Targeting Intelligence Targeting Access Node prototypes and related technology.

CrowdStrike ( CRWD ) shares jumped 11%, a day after the company reported that fiscal Q4 results more than doubled from a year earlier, beating estimates.

MicroStrategy ( MSTR ) shares surged 18% after the company priced an upsized offering of convertible notes.