Tech stocks rose Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) adding 0.8% and the SPDR S&P Semiconductor ETF (XSD) increasing 0.9%.
The Philadelphia Semiconductor index added 0.5%.
In corporate news, AppLovin (APP) shares jumped past 20%, a day after it posted higher Q4 net income and revenue and issued Q1 sales guidance above market expectations.
Reddit (RDDT) reported better-than-expected Q4 results amid a sharp jump in advertising revenue, but the social media platform's daily user growth fell short of market estimates. Its shares fell 5.2%.
Apple (AAPL) Chief Executive Tim Cook said in a post on X that the company will launch a new product on Wednesday. A 9to5Mac report said that the most likely candidate for the product launch is the new iPhone SE 4. Apple shares rose 1.8%.
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