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Sector Update: Tech Stocks Gain Thursday Afternoon

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Tech stocks were sharply higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 3.1% and the State Street SPDR S&P Semiconductor ETF (XSD) jumping 6.7%.

The Philadelphia Semiconductor index popped 6.5%.

In corporate news, Intel (INTC) shares jumped past 10% after President Donald Trump said Apple (AAPL) has agreed to work with Intel to design and build chips in the US.

Tower Semiconductor (TSEM) said it shipped more than five million coherent photonic integrated circuits in partnership with Marvell Technology (MRVL). Marvell shares surged 12%, and Tower Semiconductor climbed up 5.2%.

Micron Technology (MU) may deliver fiscal Q3 results well above Wall Street's expectations after market prices for memory chips came in higher than the company had assumed, Wedbush Securities said. Micron shares gained 8.5%.

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Sector Update: Financial Stocks Softer Late Afternoon

Financial stocks fell in late Wednesday afternoon trading with the NYSE Financial Index declining 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) decreasing 0.8%.The Philadelphia Housing Index fell 1.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) dropped 2.3%.Bitcoin (BTC-USD) dropped 0.9% to $65,060, and the yield for 10-year US Treasuries rose 3.5 basis points to 4.463%.In economic news, the Federal Reserve kept its benchmark lending rate steady, leaving the easing bias out of its policy statement. The Federal Open Market Committee maintained its federal funds rate target at 3.5% to 3.75%, in line with Wall Street's expectations and marking the fourth straight pause.Separately, US retail sales rose more than expected in May as consumers kept spending despite higher prices. Sales climbed 0.9% after a downwardly revised 0.4% gain in April, the Census Bureau reported Wednesday. The consensus was for a 0.6% increase in May, based on a Bloomberg survey.In corporate news, Ellington Financial (EFC) shares fell 2.2% after BTIG downgraded the stock to neutral from buy.CME (CME) said Terry Duffy will step down as CEO and become executive chairman of the board, effective March 1. He will be succeeded by Lynne Fitzpatrick, 48, the current chief financial officer and president, the company said Wednesday in a regulatory filing. CME shares were down 4%.JPMorgan Chase's (JPM) asset management division is advising investors to hold on to stocks and other higher-risk assets in H2, saying that AI investments should keep the markets rising despite higher inflation and a Federal Reserve that continues to maintain rates, Bloomberg reported. JPMorgan shares were up 0.4%.KKR-backed (KKR) BMC Software agreed to sell a majority stake in BMC Helix to Montagu in a carve-out deal, Montagu said. KKR shares were down 2.1%.

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Sector Update: Energy Stocks Fall Late Afternoon

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Sector Update: Consumer Stocks Decline Late Afternoon

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