Sector Update: Tech Stocks Gaining Late Afternoon

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 advanced past 2%.

In corporate news, International Business Machines IBM is nearing a deal for cloud software provider HashiCorp HCP, The Wall Street Journal reported. HashiCorp shares surged 21% and IBM was up 0.6%.

SunPower SPWR tumbled 9% after the firm said it will resubmit its previous reports found with errors "as soon as practicable."

Spotify SPOT swung to bigger-than-expected earnings in Q1 even as the company said its most recent round of layoffs contributed to a slowdown in monthly active user growth. Its shares surged nearly 12%.

Apple's AAPL iPhone sales in China fell 19.1% year over year during the quarter ending in March, marking its worst quarterly performance there since 2020, according to a report by Counterpoint. The tech giant's shares were rising 0.6%.