Sector Update: Tech Stocks Rise Late Afternoon

03:47 PM EDT, 10/28/2026 (MT Newswires) -- Tech stocks were higher late Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.4%. The Philadelphia Semiconductor Index advanced 1.5%. In corporate news, Oracle (ORCL) shares rose more than 11% after it reaffirmed its fiscal 2027 outlook and set long-term targets at its Investor Day on Wednesday, including FY30 revenue of $225 billion or more. The US Department of Justice is examining how Nvidia's (NVDA) planned $12.93 billion acquisition of Hugging Face could affect competition in the AI sector, Reuters reported. Nvidia shares were down 1.5%. OpenAI is planning to buy AI computing chips from Alphabet's (GOOGL) Google to help build its infrastructure, The Information reported. Alphabet shares rose 1.3%. Dropbox (DBX) is cutting about 9% of its global workforce. The company estimates the reduction will result in cash expenditures of $27 million to $33 million, primarily for severance payments, employee benefits and related costs. The company's shares fell 1.3%.