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Sector Update: Tech Stocks Gain Late Afternoon

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Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 5.2%.

The Philadelphia Semiconductor index gained 4.9%.

In corporate news, Apple (AAPL) is planning to launch a new program on July 28 through which customers can lease devices, including most iPhone, Mac, iPad and Apple Watch models, Bloomberg reported. Apple shares rose 0.5%.

Intel (INTC) is planning to lay off workers in its data center group, Business Insider reported Tuesday, citing a company spokesperson. Separately, RBC Capital Markets said in a note Intel is expected to report a decent Q2 supported by server CPU demand and pricing momentum. Intel shares jumped past 8%.

Taiwan Semiconductor Manufacturing (TSM) plans to raise prices for both advanced and mature chip manufacturing by up to 10% beginning in 2027, Nikkei Asia reported. Taiwan Semiconductor shares climbed 5.3%.

Amazon.com's (AMZN) platform that serves businesses and government entities reached $60 billion in annualized sales in the second quarter, the e-commerce giant said Tuesday. That's up from more than $35 billion in global annualized sales for Amazon Business in 2023. Amazon shares were down 1%.

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Sector Update: Energy Stocks Rise Late Afternoon

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Sector Update: Financial Stocks Decline Late Afternoon

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Sector Update: Tech Stocks Rise Late Afternoon

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