03:28 PM EDT, 05/31/2024 (MT Newswires) -- Tech stocks fell late Friday afternoon with the Technology Select Sector SPDR Fund (XLK) down 1% and the SPDR S&P Semiconductor ETF (XSD) retreating 0.9%.

The Philadelphia Semiconductor index slumped 1.9%.

In corporate news, Alphabet's (GOOG) Google ( GOOG ) made sweeping job cuts to its Cloud unit this week, Business Insider reported, citing an internal document it reviewed and an employee familiar with the matter. Google ( GOOG ) shares eased 0.3%.