TECH STOCKS: Tech Sector Trades Sideways After Wednesday Rally

By Benjamin Pimentel

The technology sector traded sideways Thursday morning after Wednesday's rally, as the broad market edged up on news of higher profit from J.P. Morgan.

The Nasdaq Composite Index (RIXF) was up a fraction at last check to 1,865, on track to close the week in the black. The tech-heavy index was up more than 6% for the week.

Meanwhile, the Morgan Stanley High Tech 35 Index (MSH) was down 0.45%, while the Philadelphia Semiconductor Index (SOX) was behind 0.1%.

The Dow Jones Industrial Average (DJI) was up about 5 points, on news that J.P. Morgan (JPM) posted a higher profit in the second quarter.

Xilinx Inc. (XLNX) weighed down the tech sector, as its shares fell more than 5% after the chip maker posted a steep drop in quarterly profit.

Meanwhile, SanDisk Corp. (SNDK) led the tech sector's gainers, rising more than 6%. Intel Corp. (INTC) also was up a fraction. On Tuesday, the chip giant's upbeat second-quarter results triggered a broad rally.

Other gainers included, Yahoo Inc. (YHOO), Hewlett-Packard (HPQ), eBay Inc. (EBAY) and Apple Inc. (AAPL).

Meanwhile, other tech giants were in the red, including Advanced Micro Devices (AMD), Google Inc. (GOOG), Palm Inc. (PALM) and Sun Microsystems (JAVA).