Sector Update: Tech

Tech stocks were rising late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) climbing 1.5% and the SPDR S&P Semiconductor ETF (XSD) rising 2.3%.

The Philadelphia Semiconductor index rose past 2%.

In corporate news, International Business Machines IBM is nearing a deal for cloud software provider HashiCorp HCP, The Wall Street Journal reported Tuesday. HashiCorp shares surged 22% and IBM was up 0.6%.