01:38 PM EDT, 05/23/2024 (MT Newswires) -- Tech stocks were lower Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.1% and the SPDR S&P Semiconductor ETF (XSD) down 1.2%.

The Philadelphia Semiconductor index rose 0.8%.

In corporate news, Nvidia ( NVDA ) surged almost 12% after the chipmaker reported stronger-than-expected Q1 results and issued upbeat guidance.