Sector Update: Tech Stocks Gain Wednesday Afternoon

01:34 PM EDT, 10/21/2026 (MT Newswires) -- Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.9% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 2.2%. The Philadelphia Semiconductor index climbed 2.3%. In corporate news, SpaceX (SPCX) and Tesla (TSLA) have formed special committees to evaluate a potential merger, Elon Musk, who heads both companies, said late Tuesday. SpaceX shares jumped about 8%, and Tesla rose 3.5%. Super Micro Computer's (SMCI) shares surged 10% after it reported preliminary fiscal Q1 revenue and margin results above expectations late Tuesday. Alphabet's (GOOGL) Google CEO Sundar Pichai received a letter Wednesday from Sen. Richard Blumenthal (D-Conn.) and Sen. Josh Hawley (R-Mo.) asking for information on the impact the company's AI products have had on the mental health and educational development of children, The Wall Street Journal reported. Alphabet shares were down 1.8%.