Sector Update: Tech Stocks Gain Monday Afternoon

MT Newswires Live01-07 02:54

Tech stocks rose Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) climbing 1.4% and the SPDR S&P Semiconductor ETF (XSD) gaining 3%.

The Philadelphia Semiconductor index jumped 3.6%.

In corporate news, Micron Technology (MU) shares surged 12%, leading a rally by semiconductor manufacturers.

Qualcomm (QCOM) said Monday it launched Snapdragon X, a new system-on-chip that it said delivers multiday battery life and faster performance compared with what competitors offer. Its shares were rising 2.7%.

Rekor Systems (REKR) shares popped more than 33%. The company said Monday it has repaid the outstanding balance of $15 million under an August 2024 prepaid advance agreement with Yorkville Advisors Global. Separately, Rekor said Monday the New Mexico Department of Transportation has expanded its use of the company's traffic analytics systems.

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