Sector Update: Tech Stocks Gain Wednesday Afternoon

MT Newswires Live12-05

Tech stocks gained Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 1.5% and the SPDR S&P Semiconductor ETF (XSD) adding 0.7%.

The Philadelphia Semiconductor index climbed 1.5%.

In corporate news, Marvell Technology (MRVL) shares soared 24%, a day after the company issued an upbeat fiscal Q4 earnings outlook and reported Q3 results that topped market estimates.

Salesforce (CRM) shares jumped 8.8%, a day after the company reported fiscal Q3 revenue that surpassed Wall Street's estimates amid subscription and support sales gains.

Pure Storage (PSTG) shares surged 21%, a day after the company reported better-than-expected fiscal Q3 financial results. Piper Sandler upgraded the stock to overweight.

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