01:51 PM EDT, 07/16/2024 (MT Newswires) -- Tech stocks were mixed in Tuesday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) shedding 0.8% and the SPDR S&P Semiconductor ETF (XSD) adding 1%.

The Philadelphia Semiconductor index decreased 0.3%.

In corporate news, Shopify ( SHOP ) seems well placed to continue capturing e-commerce market share under its new chief executive and is likely poised for "solid" revenue growth, BofA Securities said Tuesday. The investment firm upgraded its rating on Shopify ( SHOP ) to buy from neutral and raised its price objective to $82 from $78. Shopify ( SHOP ) shares jumped 7.4%.

The US Federal Trade Commission is asking Amazon.com ( AMZN ) for details on a deal to hire senior executives from artificial intelligence company Adept, Reuters reported Tuesday. Amazon ( AMZN ) shares were rising 0.2%.

UK regulators said Tuesday they're launching a preliminary investigation into Microsoft's ( MSFT ) licensing deal with AI startup Inflection. Microsoft ( MSFT ) shares fell 1.5%.