03:54 PM EDT, 06/03/2025 (MT Newswires) -- Tech stocks rose late Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) gaining 1.3% and the SPDR S&P Semiconductor ETF (XSD) advancing 3.3%.

The Philadelphia Semiconductor index climbed 2.5%.

In corporate news, Rekor Systems ( REKR ) shares jumped 28% after the company won a multiyear statewide contract from the Texas Department of Transportation to deploy its incident management and situational awareness platform, Rekor Command.

WEX (WEX) stock rose 3.8% after Chief Executive Officer Melissa Smith bought 3,721 shares at a weighted average price of $134.56.

Reddit ( RDDT ) may have mixed exposure to the evolving ecosystem called the World Wide Website, where user engagement consolidates around a handful of generative AI tools powered by large language models, RBC Capital Markets said. Reddit ( RDDT ) shares fell 0.9%.

Microsoft ( MSFT ) laid off 300 additional employees, Bloomberg reported. The move adds to the 6,000 job cuts disclosed last month as the company continues to reduce costs while investing in AI, the report said. Microsoft ( MSFT ) shares rose 0.3%.

Meta (META) agreed to buy electricity from Constellation Energy (CEG) in a deal that would keep Constellation's nuclear power facility, Clinton Clean Energy Center, operational for two more decades. Meta shares decreased 0.5%.