Sector Update: Tech Stocks Gain Late Afternoon

Tech stocks were higher late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 2% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 3.3%. The Philadelphia Semiconductor index climbed up 2.9%. In corporate news, International Business Machines (IBM) is expected to post a solid Q2 and modestly raise its 2026 guidance, supported by continued software momentum and early integration benefits from its recent Confluent acquisition, BofA Securities said in a report. IBM shares rose 3.6%. Broadcom (AVGO) will develop custom microchips for Apple's (AAPL) products under an expanded partnership that runs through 2031. Broadcom rose 4.6%, and Apple gained 1.6%. Advanced Micro Devices (AMD) shares jumped 7.8% after Goldman Sachs raised its price target to $640 from $450. TeraWulf (WULF) shares gained 5.2% after the firm said it has entered into a 20-year lease agreement with Anthropic for the AI company to use its Justified Data campus in Hawesville, Kentucky. Microsoft (MSFT) said Monday it is eliminating 2.1% of its global workforce, or about 4,800 roles. Shares were down 0.9%.