Sector Update: Tech Stocks Rise Late Afternoon

03:54 PM EDT, 10/23/2026 (MT Newswires) -- Tech stocks advanced late 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 0.7%. The Philadelphia Semiconductor index added 0.5%. In corporate news, Microsoft's (MSFT) fiscal Q1 earnings are expected to largely match Wall Street's estimates, supported by strong revenue growth in its Azure cloud computing business, BofA Securities said. BofA raised its EPS estimates for Microsoft for fiscal years 2027 to 2029, and reiterated its buy rating and the $600 price objective. Microsoft shares rose 0.5%. 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 added 1.9%. RingCentral (RNG) shares gained 5.1% after it reported higher Q3 adjusted earnings and revenue, and lifted its 2026 guidance. ServiceNow (NOW) shares rose 0.8%. BofA Securities raised its price target to $180 from $150 ahead of the company's Q3 results, expected Wednesday. The firm's AI technology could see broader adoption and incremental spend, which should support durable revenue growth, BofA said.