01:53 PM EDT, 03/15/2024 (MT Newswires) -- Tech stocks were falling Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) 1.7% lower and the SPDR S&P Semiconductor ETF (XSD) down 0.4%.

The Philadelphia Semiconductor index decreased 0.1%.

In corporate news, Adobe (ADBE) shares tumbled more than 14% after its fiscal Q2 revenue guidance trailed analysts' estimates.

Apple ( AAPL ) has settled for $490 million a class-action lawsuit alleging that Chief Executive Tim Cook defrauded investors, Reuters reported. The tech giant's shares fell 1.3%.

Cardlytics ( CDLX ) shares surged 64% following its Q4 results and a deal to provide an American Express (AXP) unit with access to its marketing platform.