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Sector Update: Tech Stocks Mixed Late Afternoon

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Tech stocks were mixed late Monday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.5% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 1.7%.

The Philadelphia Semiconductor index rose 1.2%.

In corporate news, Dell (DELL) shares jumped past 10%. Morgan Stanley upgraded its rating on the company's stock to equalweight from underweight and raised its price target to $448 from $170. Dell is outperforming peers in navigating semiconductor supply shortages, the brokerage said.

Amazon-backed (AMZN) Anthropic has confidentially submitted a draft registration statement for a proposed initial public offering to the US Securities and Exchange Commission, the company said Monday. The number of shares to be offered and the price have not yet been set, Anthropic said. Amazon shares were down 3.1%.

Nvidia (NVDA) has launched RTX Spark, a new AI chip that will be used in Microsoft (MSFT) Windows laptops and desktops. Nvidia's shares climbed 6%, and Microsoft added 2.9%.

Apple (AAPL) is planning a new service that will let iPhone users split joint bills, expanding its push into everyday financial tools, Bloomberg reported. Apple shares fell 1.4%.

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