01:42 PM EDT, 03/20/2024 (MT Newswires) -- Tech stocks were lower Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.1% and the SPDR S&P Semiconductor ETF (XSD) down 0.5%.

The Philadelphia Semiconductor index shed 0.5%.

In corporate news, the US Department of Commerce is set to give $8.5 billion in direct funding to Intel ( INTC ) under the CHIPS and Science Act. Its shares were falling 1.2%.