Tech stocks advanced late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the Philadelphia Semiconductor Index each adding 0.4%.
In corporate news, Volcon (VLCN) shares plunged 64% after the company priced an offering with gross proceeds of $18 million.
WaveDancer (WAVD) shares soared 71% after it agreed to an all-stock merger with Firefly Neuroscience.
Cisco (CSCO) slumped past 11% after it cut its fiscal 2024 guidance for adjusted earnings and revenue.
Alibaba (BABA) said Thursday it will no longer pursue a full spinoff of its cloud division, while the company reported fiscal Q2 revenue below the Wall Street’s expectations. Its shares tumbled almost 9%.
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