Information technology stocks advanced a little over 1% at midday Friday.

The major stock indices on Wall Street advanced as expectations for a rate cut by the US Federal Reserve in September rose. The technology stock-heavy Nasdaq composite index climbed almost 1%.

4DS Memory (ASX:4DS) will launch a strategic review of its technology pathway, which includes a pause in development activities and disengagement of collaborations with imec and Infineon Technologies. The strategic review, which is expected to take three months, will assess the impact of artificial intelligence and data-centric computing on its ReRAM technology and consider opportunities to leverage complementary technologies in the AI ecosystem, among other reviews.

On the flip side, the energy sector slipped 0.3% as oil prices fell for the third straight day, as investors await an OPEC+ decision on further output hikes.

Lakes Blue Energy (ASX:LKO) said the drilling rate increased significantly at the Wombat-5, side-track-2 well in Victoria, reflecting the improved drilling conditions on intersecting the Strzelecki formation. Overnight initial methane, ethane, and propane shows were identified in increasingly larger quantities, of up to 2,400 parts per million in the drilling mud.