Financial Wire

Sector Update: Tech Stocks Advance Wednesday Afternoon

-- Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.7% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.2%.

The Philadelphia Semiconductor index fell 1.4%.

In corporate news, Snap (SNAP) plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs. Snap shares jumped past 6%.

Broadcom (AVGO) shares rose 3.1% after the chipmaker expanded its partnership with Meta Platforms (META) to support the technology giant's AI compute infrastructure. Meta shares were up 1.8%.

CoreWeave (CRWV) will receive about $6 billion from Jane Street in exchange for use of its AI cloud platform, the companies said Wednesday. CoreWeave shares added 0.8%.

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Sector Update: Tech Stocks Advance Wednesday Afternoon | Financial Wire