Sector Update: Tech Stocks Gain Wednesday Afternoon

Tech stocks were higher Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2.1% and the SPDR S&P Semiconductor ETF (XSD) up 1.5%.

The Philadelphia Semiconductor index climbed 2.3%.

In corporate news, Monday.com MNDY lifted its full-year outlook Wednesday after the project management software provider's Q1 results topped market expectations, buoyed by robust demand for its products across all end markets. Its shares surged nearly 19%.

Dynatrace DT on Wednesday recorded better-than-expected fiscal Q4 results, while the software company forecasts fiscal 2025 results to be higher than the previous year. Dynatrace shares rose 3.3%.

Riskified RSKD reported on Wednesday Q1 non-GAAP earnings and sales that beat market expectations. Its shares soared 16%.