03:30 PM EDT, 05/29/2024 (MT Newswires) -- Tech stocks were in the red late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the SPDR S&P Semiconductor ETF (XSD) falling 1.6%.

The Philadelphia Semiconductor index declined 1.4%.

In corporate news, AST SpaceMobile ( ASTS ) shares surged 57% after it said Wednesday that it secured a $100 million commitment from Verizon Communications ( VZ ) as part of a new direct-to-cellular partnership.