Sector Update: Tech Stocks Gain Monday Afternoon

Tech stocks rose Monday afternoon with the Technology Select Sector SPDR Fund (XLK) gaining 0.5% and the SPDR S&P Semiconductor ETF (XSD) up 1.9%.

The Philadelphia Semiconductor index climbed 0.6%.

In corporate news, Apple's AAPL operating system for iPads was designated a gatekeeper under the EU's Digital Markets Act, the European Commission said. Apple shares rose 3.2%.

Meta Platforms' META Facebook and Instagram are expected to be investigated by the European Commission over concerns the social media platforms aren't doing enough to counter disinformation from Russia and other countries, the Financial Times reported Monday. Meta shares fell 2.2%.

Auddia AUUD shares tumbled 4% after the company closed a private placement of $2.3 million of convertible preferred and common stock warrants to regain compliance with the Nasdaq shareholders' equity requirement for continued listing.