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Sector Update: Tech Stocks Higher in Afternoon Trading

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Tech stocks were higher Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.7% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.4%.

The Philadelphia Semiconductor index added 1.7%.

In corporate news, Alphabet's (GOOGL) Google is working on a new server chip that will allow it to serve its AI models to users more efficiently, The Information reported. Its shares rose 1.8%.

Meta Platforms' (META) Q2 results are expected to top Wall Street's views amid solid advertising trends, while higher memory costs could prompt the technology giant to increase its full-year capital expenditures outlook, BofA Securities said in a note. Meta shares added 0.5%.

Nvidia (NVDA) said Monday it expanded its Nvidia Agent Toolkit to include new Omniverse libraries, enabling AI agents to add physical AI capabilities to applications, as well as prepare 3D content for simulation. Its shares rose 0.6%.

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Sector Update: Energy Stocks Rise Late Afternoon

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