01:52 PM EDT, 06/07/2024 (MT Newswires) -- Tech stocks were mixed Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.5% and the SPDR S&P Semiconductor ETF (XSD) falling 1.6%.

The Philadelphia Semiconductor index rose 0.3%.

In corporate news, PowerSchool ( PWSC ) shares were adding 0.1% after the company said Friday that it agreed to be acquired and taken private by Bain Capital in a deal that values the education software provider at $5.6 billion.

Gen Digital ( GEN ) shares fell 3.3% after Morgan Stanley downgraded the stock to equalweight from overweight while lowering its price target to $27 from $28.

Microsoft's ( MSFT ) partnership with OpenAI is "positive and sustainable" and likely to help the firm reach $50 billion in generative artificial intelligence revenue in four years, Oppenheimer said in a note. Oppenheimer increased its price target on the stock to $500 from $450, with an outperform rating. Microsoft ( MSFT ) shares added 0.3%.