01:30 PM EDT, 05/08/2024 (MT Newswires) -- Tech stocks were mixed Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) fractionally higher and the SPDR S&P Semiconductor ETF (XSD) down 0.2%.

The Philadelphia Semiconductor index declined 0.7%.

In corporate news, Intel ( INTC ) shares slumped 2.8%. The chipmaker updated its Q2 outlook after the US Commerce Department notified the company that it's revoking with immediate effect licenses for exports of consumer-related items to a customer in China. Intel ( INTC ) now expects Q2 revenue to remain in the company's original range of $12.5 billion to $13.5 billion but below the midpoint.