01:27 PM EST, 03/08/2024 (MT Newswires) -- Tech stocks were in the red Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 1.2% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.1%.

The Philadelphia Semiconductor index fell 3.4%.

In corporate news, Marvell Technology ( MRVL ) shares plunged past 10% after the company's fiscal Q1 earnings forecast trailed market estimates.