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Technology stocks turned solidly higher late in Wednesday trading, with the shares of cyclical sector stocks advancing after the Federal Reserve Wednesday slowed the pace of its interest-rate increases.
At last look, the Technology Select Sector SPDR Fund (XLK) was advancing 2.9% while the Philadelphia Semiconductor Index was sprinting to a 6% gain.
In company news, Trimble (TRMB) added 3.3% after the software firm said it was partnering with transportation technology startup OneRail to improve last-mile logistics. The companies are expecting to combine OneRail’s delivery platform with Trimble Maps technology as well as its traffic and weather web services, they said.
Rapid7 (RPD) raced over 30% higher amid reports the cybersecurity firm is exploring its strategic options, including a potential sale. The company has hired Goldman Sachs to assist with the process, according to a Reuters report, citing unnamed people familiar with the matter.
Juniper Networks (JNPR) declined 4.2% after the communications equipment company said it generated around $1.45 billion in revenue during its Q4 ended Dec. 31, improving on $1.3 billion in revenue during the same quarter in 2021 but still lagging the Capital IQ consensus expecting $1.48 billion.
Snap (SNAP) dropped more than 11% after the camera and social media company overnight said it expects revenue for its current Q1 likely will fall 2% to 10% compared with the year-ago period.
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