03:54 PM EDT, 05/20/2024 (MT Newswires) -- Tech stocks gained late Monday afternoon with the Technology Select Sector SPDR Fund (XLK) adding 1% and the SPDR S&P Semiconductor ETF (XSD) rising 1.3%.

The Philadelphia Semiconductor index climbed 2%.

In corporate news, Wix.com ( WIX ) shares soared 24% after the company posted better-than-expected Q1 results and updated its full-year revenue outlook.

PowerSchool ( PWSC ) has attracted takeover interest from private equity firms such as Warburg Pincus, Bloomberg reported Monday. PowerSchool ( PWSC ) shares climbed 4.7%.

Nvidia ( NVDA ) is expected to report a strong Q1 performance Wednesday, driven by robust demand for its graphics processing unit microarchitecture Hopper before the Blackwell transition, Morgan Stanley said in a note. Nvidia ( NVDA ) shares rose 2.4%.

Snowflake (SNOW) is tracking toward a modest fiscal Q1 revenue beat and positive guidance revisions amid potential product sales upside, RBC Capital Markets said in a note. Snowflake shares added 1.9%.