Sector Update: Tech

MT Newswires Live03:28

Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 3.2% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 5.3%.

The Philadelphia Semiconductor index gained 5.2%.

In corporate news, Apple (AAPL) and Meta Platforms (META) have publicly opposed a Canadian bill that could require them to break the encryption of their devices and services, Reuters reported. Canada's ruling Liberal Party proposed Bill C-22, which law enforcement officials claim would help them probe security threats earlier and take immediate action, the report said. Apple shares rose 2%, and Meta was down 1.1%.

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