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Technology stocks were advancing late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.1% while the Philadelphia Semiconductor Index was slipping 0.1%.
In company news, Rumble (RUM) rose 10% amid a strong advance for several social media companies after US Sen. Mark Warner (D-Va.) reportedly said he will introduce a bipartisan measure this week that would allow the federal government to “ban or prohibit” foreign-owned technology like TikTok.
Ciena (CIEN) gained 3.9% after the networking equipment and software firm beat Wall Street expectations with its fiscal Q1 earnings and revenue.
Apple (AAPL) added 1.8% after Goldman Sachs began coverage of the tech giant with a buy stock rating.
To the downside, NV5 Global (NVEE) was slipping 2.3% after Monday saying its Axim Geospatial subsidiary has received contracts worth $9 million from the US Department of Defense and other federal intelligence agencies.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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