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Sector Update: Tech Stocks Gain Late Afternoon

Sector Update: Tech Stocks Gain Late Afternoon

MT newswireMT newswire2026/09/11 19:58
03:58 PM EDT, 09/11/2026 (MT Newswires) -- Tech stocks climbed late Friday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.4% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 3%. The Philadelphia Semiconductor index gained 1.7%. In corporate news, Dell (DELL) shares jumped 12% after RBC Capital Markets initiated its coverage of the stock with an outperform rating and a $640 price target. Dell is well positioned to benefit from the multiyear AI infrastructure spending cycle, RBC said. Microsoft (MSFT) plans to more than triple its global data center capacity to over 38 gigawatts by 2032, Bloomberg reported. Microsoft shares added 0.8%. Oracle's (ORCL) fiscal Q1 results showed surging cloud growth, though margin pressure and a "modest" earnings guidance increase loomed over infrastructure buildout and profitability, Morgan Stanley said. Oracle shares fell 2%. Broadcom's (AVGO) licensing revamp for VMware software after its $61 billion takeover is attracting scrutiny from EU antitrust regulators, Bloomberg reported. Broadcom shares rose 0.3%.
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