Tech stocks were advancing Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 0.1% and the SPDR S&P Semiconductor ETF (XSD) up 0.9%.
The Philadelphia Semiconductor index gained 1%.
In corporate news, Snap (SNAP) shares fell 2.7% after the company said it plans to cut its workforce by 10%.
ON Semiconductor (ON) jumped 10% after the company reported Q4 earnings earlier in the day.
BigCommerce (BIGC) dropped 4.6% after Goldman Sachs downgraded the stock to neutral from buy.
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