Sector Update: Tech Stocks Gain Late Afternoon

Technology stocks were higher late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) gaining 2.1% and the SPDR S&P Semiconductor ETF (XSD) rising 3.5%.

The Philadelphia Semiconductor index rose 3.5%.

In corporate news, Alphabet (GOOG) is expected to deliver strong Q2 results amid continued strength in its Google search engine, Wedbush said in a note. Alphabet shares rose 2.7%.

CrowdStrike’s (CRWD) financial outlook is fraught with uncertainty over the next one to two quarters following last week’s global technology outage, but the company can likely limit “reputational damage” over the long term, Morgan Stanley said. CrowdStrike shares fell more than 13%.

Nvidia (NVDA) is working on a version of its new flagship AI chip for the Chinese market that will comply with U.S. export controls, Reuters reported. Nvidia shares rose 4.7%.

Reddit (RDDT) shares rose 5.6% after The Information reported the company is partnering with the NFL, NBA, MLB and other sports leagues to feature videos and other content on its site.

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