-- Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 3.6%.
The Philadelphia Semiconductor index rose 1.5%.
In corporate news, Seagate Technology (STX) shares jumped past 10% after it reported overnight stronger-than-expected fiscal Q3 earnings and revenue, as well as guidance for the next quarter that beat estimates.
General Motors (GM) could beat its 2026 outlook if the economy steadies, with further earnings growth likely into 2027 from cost control, electric vehicle profitability, stronger vehicle mix, and share buybacks, UBS said in a note emailed Wednesday.Investor concerns over commodity costs and demand risk misses General Motors' stronger execution, flexibility and spending control, according to the note.General Motors' outlook has some elements of conservatism because the company has not included a possible restocking of high-profit pickups and SUVs in its guidance, UBS said.The firm noted that possible USMCA trade talks are more likely to help the company than hurt it, though not included in its outlook.UBS kept its buy rating on General Motors and lowered its price target to $102 from $105.Price: $76.08, Change: $-2.87, Percent Change: -3.63%
Price: $90.23, Change: $-10.41, Percent Change: -10.34%