01:30 PM EDT, 05/01/2024 (MT Newswires) -- Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.7% and the SPDR S&P Semiconductor ETF (XSD) falling 3.2%.

The Philadelphia Semiconductor index dropped 3.5%.

In corporate news, Pinterest ( PINS ) shares climbed more than 17% after the company's Q1 results topped estimates and analysts boosted their price targets.