Technology stocks were advancing premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.9% higher.

SK Hynix (SKHY) will buy back and cancel 40 trillion South Korean won ($28.69 billion) of treasury shares as part of efforts to boost shareholder returns, the company said. SK Hynix stock was up more than 5% pre-bell.