Tech stocks were higher Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 4.2%.

The Philadelphia Semiconductor index climbed 3%.

In corporate news, Advanced Micro Devices (AMD) shares jumped 7.8% after Goldman Sachs raised the company's price target to $640 from $450.