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Sector Update: Tech Stocks Rise Friday Afternoon

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Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 2%.

The Philadelphia Semiconductor index climbed 2.4%.

In corporate news, Space Exploration Technologies (SPCX) shares jumped 28% as Elon Musk's rocket and satellite company debuted on the Nasdaq in what is poised to be the world's biggest initial public offering ever.

Nvidia (NVDA) has informed Chinese clients that its new Vera central processors for AI data centers could be available as early as August and that they can start ordering, Reuters reported. Nvidia shares added 0.2%.

Adobe's (ADBE) CFO departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note emailed Friday. Adobe shares fell past 7%.

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