01:55 PM EDT, 05/23/2024 (MT Newswires) -- Tech stocks were lower Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the SPDR S&P Semiconductor ETF (XSD) down 1.2%.

The Philadelphia Semiconductor index rose 0.4%.

In corporate news, Nvidia ( NVDA ) shares climbed 11% in recent trading after the chipmaker reported stronger-than-expected Q1 results and issued upbeat guidance.

Envestnet ( ENV ) , a wealth-management software provider, is drawing takeover interest from private-equity firms Advent International and GTCR, among other potential suitors, Bloomberg reported Thursday. Envestnet ( ENV ) shares rose nearly 4%.

Snowflake (SNOW) posted fiscal Q1 product revenue above its own expectations, prompting the company to nudge higher its full-year outlook for the key metric. Its shares were falling 4.4% in recent trading.