03:47 PM EDT, 04/26/2024 (MT Newswires) -- Tech stocks were gaining in late Friday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) adding 1.5% and the SPDR S&P Semiconductor ETF (XSD) climbing 2%.

The Philadelphia Semiconductor Index rose 2.8%.

In corporate news, Intel ( INTC ) shares dropped 9% after the company said late Thursday it expects Q2 non-GAAP earnings of $0.10 per share on revenue of between $12.5 billion and $13.5 billion. Analysts polled by Capital IQ expect earnings of $0.26 on revenue of $13.59 billion.

Mobileye Global ( MBLY ) shares sank 6.1% following a downgrade of the driver-assistance technology firm by Morgan Stanley to underweight from equalweight, while price target cut to $25 from $26.

Alphabet (GOOG) shares jumped 10% as the company breached the $2 trillion market capitalization following a surge in Q1 earnings and sales. The company's board also approved a quarterly cash dividend program and an up to $70 billion share buyback program.

Microsoft ( MSFT ) shares rose 2% after the tech giant reported late Thursday Q3 net income and revenue that came in above consensus estimates.