Sector Update: Tech Stocks Advance Friday Afternoon

01:40 PM EDT, 10/23/2026 (MT Newswires) -- Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.5% and the State Street SPDR S&P Semiconductor ETF (XSD) increasing 0.3%. The Philadelphia Semiconductor index added 0.6%. In corporate news, SpaceX (SPCX) said it needs the approval of CEO Elon Musk for a merger with Tesla (TSLA), according to a regulatory filing Thursday. Separately, SpaceX intends to secure at least 80,000 cell sites across the US and is in talks with at least one major cellular infrastructure company to achieve that target, Bloomberg reported Thursday. SpaceX shares were up 1.4%. RingCentral (RNG) shares jumped 7.1% after it reported higher Q3 adjusted earnings and revenue, and lifted its 2026 guidance. CoreWeave (CRWV) has seen solid execution and has a leading position in the crowded neocloud space, but rising financing uncertainty has reduced visibility into the company's path to deploying contracted capacity, Morgan Stanley said in a note. Morgan Stanley kept its equal-weight rating on CoreWeave and lowered the price target to $70 from $99. CoreWeave shares were down 1.9%.