01:55 PM EDT, 04/05/2024 (MT Newswires) -- Tech stocks were gaining Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.4% and the SPDR S&P Semiconductor ETF (XSD) up 0.9%.

The Philadelphia Semiconductor index climbed 1.6%.

In corporate news, Meta Platforms ( META ) shares jumped 3%. The firm said it's changing its policies on handling "manipulated media" and will start labeling a wider range of video, audio and image content as "Made with AI" when it detects industry standard AI image indicators or when people disclose that they're uploading AI-generated content.

Tesla (TSLA) shares were down 2.7%. Tesla Chief Executive Elon Musk on Friday denied a Reuters report earlier in the day that the EV maker has canceled its plans to offer a less-expensive car.

Enphase Energy ( ENPH ) sank 5% after Citigroup downgraded the stock to neutral from buy and cut its price target to $121 from $126. Separately, the firm said David Ranhoff will step down as its chief commercial officer, effective June 30, and will transition to a part-time role as commercial adviser.