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Sector Update: Tech Stocks Rise Late Afternoon

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Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.9% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.8%.

The Philadelphia Semiconductor index climbed 2.1%.

In corporate news, Space Exploration Technologies (SPCX) shares jumped past 19% 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.

Advanced Micro Devices (AMD) shares gained 4.8% after Citi upgraded the stock to buy from neutral and raised its price target to $575 from $460.

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 6%.

Meta Platforms (META) said Friday that Facebook and Instagram were recovering after users reported issues accessing the social media platforms earlier in the day. Meta shares were down 0.3%.

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