01:59 PM EDT, 10/04/2024 (MT Newswires) -- Tech stocks were rising Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.7% and the SPDR S&P Semiconductor ETF (XSD) climbing 1.2%.

The Philadelphia Semiconductor index added 1.2%.

In corporate news, Meta Platforms ( META ) launched Friday a new artificial intelligence tool called Movie Gen that can generate videos based on a text prompt. Meta shares rose 1.4%.

Microsoft ( MSFT )-backed (MSFT) OpenAI is leasing its first office in New York City, joining other artificial intelligence companies that have been acquiring space in the city, The Wall Street Journal reported. Microsoft ( MSFT ) shares added 0.3%.

BlackSky Technology ( BKSY/WS ) shares jumped 12% after Craig-Hallum upgraded the stock to buy from hold with a price target of $10.