Sector Update: Tech Stocks Driving Thursday Markets Higher

MT Newswires · 02/03 03:14

02:13 PM EST, 02/02/2023 (MT Newswires) -- Technology stocks were advancing again on Thursday, with the Technology Select Sector SPDR Fund (XLK) rising 3.2% while the Philadelphia Semiconductor Index was ahead 2.4%.

In company news, Meta Platforms (META) surged 27% after the social network company late Wednesday reported Q4 revenue that topped estimates by analysts. Meta also lowered its 2023 expense forecast amid plans to flatten its organization structure and authorized a $40 billion increase to its stock buyback program.

Luminar Technologies (LAZR) added 13% after the vehicle sensors company Thursday said it was expanding its partnership with Polestar (PSNY) to include more vehicles. Polestar shares were advancing 12%.

Macom Technology Solutions Holdings (MTSI) slid 0.9%. The company said it agreed to buy French semiconductor manufacturer OMMIC SAS for around 38.5 million euros ($42.3 million).

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