Tech stocks were higher Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 1.2% and the SPDR S&P Semiconductor ETF (XSD) adding 0.9%.
The Philadelphia Semiconductor index climbed 1.7%.
In corporate news, BigBear.ai (BBAI) shares jumped past 14% after the company said Monday that the US Army has awarded it a $165.2 million five-year contract for Global Force Information Management Production Services.
IBM (IBM) faces a challenging first quarter of 2025 due to a combination of factors, including an incremental headwind to earnings from its pending acquisition of HashiCorp (HCP), UBS Securities said in a note. IBM shares were rising 0.7%.
Ericsson (ERIC) received a new multibillion-dollar 5G contract from India's Bharti Airtel, Reuters reported. Ericsson shares were shedding 0.3%.
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