01:51 PM EDT, 07/31/2024 (MT Newswires) -- Tech stocks were higher Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 3.4% and the SPDR S&P Semiconductor ETF (XSD) up 2.7%.

The Philadelphia Semiconductor index climbed 5.2%.

In corporate news, Microsoft ( MSFT ) late Tuesday reported stronger-than-expected fiscal Q4 results, but its cloud revenue missed Wall Street's estimates. Its shares were falling 1.2%.

ASML ( ASML ) will likely be on a list of chip companies exempt from sweeping new trade restrictions targeting China, media outlets reported Tuesday. ASML ( ASML ) shares jumped 7.1%.

Advanced Micro Devices ( AMD ) shares popped 2.7%. The company reported Q2 non-GAAP earnings late Tuesday of $0.69 per diluted share, up from $0.58 in the year-ago period and above the Capital IQ consensus analyst estimate of $0.68.