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Sector Update: Tech Stocks Rise Late Afternoon

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Tech stocks were higher late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) increasing 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.9%.

The Philadelphia Semiconductor index was up 0.9%.

In corporate news, Meta Platforms (META) reached an agreement with the Breathitt County School District to settle a lawsuit alleging that addiction to top social media platforms has upended learning and forced public schools to spend large amounts of resources fighting a mental health crisis, Bloomberg reported. A Meta spokesperson toldvia email that the company has resolved this case amicably. Meta shares rose 0.3%.

Nvidia (NVDA) reported fiscal Q1 revenue above Wall Street's estimates as data center sales outperformed expectations amid an AI boom. Its shares still declined 1.5%.

Intuit's (INTU) stock plunged 20%. The financial technology platform late Wednesday reported better-than-expected fiscal third-quarter results and disclosed plans to reduce its workforce by about 17%.

SpaceX (SPCX) filed an S-1 registration statement with the Securities and Exchange Commission late Wednesday for an initial public offering. Separately, SpaceX entered into cloud-computing agreements to provide Amazon-backed (AMZN) Anthropic access to its server infrastructure, SpaceX said in a regulatory filing. Amazon shares rose 1.5%.

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