Sector Update: Tech Stocks Gain Thursday Afternoon

MT Newswires Live02:51

Tech stocks rose Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 1.2% and the SPDR S&P Semiconductor ETF (XSD) rising 3.3%.

The Philadelphia Semiconductor index added 1.6%.

In corporate news, Alphabet's (GOOG) Google must sell its Chrome browser and take other major steps to end its monopoly on internet searches, the US Justice Department and a group of states said Wednesday in a court filing. Alphabet shares tumbled 5.3%.

Snowflake (SNOW) shares surged 34% after the company issued an upbeat fiscal Q4 product revenue outlook and reported better-than-expected Q3 results.

Baidu's (BIDU) Q3 earnings came in below market estimates while revenue edged past expectations as growth in its artificial intelligence cloud business was offset by ongoing declines in online marketing sales. Its shares dropped 6%.

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