Sector Update: Tech Stocks Gain Late Afternoon

MT newswire2026/10/02 19:52

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03:52 PM EDT, 10/02/2026 (MT Newswires) -- Tech stocks advanced late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.9% and the State Street SPDR S&P Semiconductor ETF (XSD) jumping 3.6%. The Philadelphia Semiconductor index climbed up 2.4%. In corporate news, Nvidia (NVDA) shares were up 1.6%. The stock hit a record intraday high of $237.87, lifting its market capitalization to $5.7 trillion. Satellogic (SATL) shares rose 5.8% after the company launched its first Merlin.01 and three NewSat satellites aboard a SpaceX (SPCX) Falcon 9 from Vandenberg Space Force Base in California on Thursday. SpaceX shares surged 7.8%. Onsemi (ON) will now buy Synaptics (SYNA) for $123 a share in cash for about $5.7 billion under a revised agreement, the firms said. In June, Onsemi agreed to acquire Synaptics in an all-stock deal with an enterprise value of about $7 billion. Onsemi shares were rising 6%, and Synaptics jumped 14%. Hewlett Packard Enterprise (HPE) shares gained 7.1% after Daiwa Securities upgraded the stock to outperform from neutral and raised its price target to $75 from $65.

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RSM US Chief Economist Joseph Brusuelas stated: "A 'low hiring, low layoffs' U.S. job market remains our baseline view, and we expect the pace of hiring to stay sluggish going forward. The minor increase in the unemployment rate was mainly caused by statistically insignificant noise, and at present, describing the U.S. labor market as 'full employment' remains most appropriate. The weak pace of hiring, along with fluctuations in the domestic labor force data, should support members within the Federal Reserve who advocate maintaining the federal funds rate unchanged at the upcoming October meeting. The September data suggest that the risk of a second round of inflation triggered by wage increases is very small or even non-existent. In fact, employment is simply not a concern for the Fed’s policy objectives at this time. Our baseline judgement for the direction of monetary policy remains: no rate hike in October, a 25-basis-point hike in December, followed by another 25-basis-point hike in March 2027."

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