Tech stocks were sharply higher late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 3.6% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 4.2%.
The Philadelphia Semiconductor Index climbed up 5.4%.
In corporate news, Nvidia (NVDA) is set to raise $25 billion from a high-grade bond sale that drew about $85 billion in orders, Bloomberg reported. Nvidia shares added 3.2%.
Space Exploration Technologies (SPCX) revenue may surpass $1 trillion by 2031, CEO Elon Musk said Sunday on X. SpaceX shares jumped 15%.
Seagate Technology (STX) and Western Digital (WDC) are expected to benefit from strengthening demand for hard disk drives, Morgan Stanley said in a note. The firm raised its price target for Seagate to $1,035 from $767, and for Western Digital to $650 from $488. Seagate shares climbed 8.5%, and Western Digital surged 15%.
Microsoft (MSFT) faces a proposed class action lawsuit filed by shareholders alleging the company failed to disclose slowing Azure cloud growth and rising AI infrastructure costs, Reuters reported. Microsoft shares were up 2.3%.