01:39 PM EDT, 07/17/2024 (MT Newswires) -- Tech stocks were sharply lower Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) slumping 3.5% and the SPDR S&P Semiconductor ETF (XSD) falling 4.3%.

The Philadelphia Semiconductor Index tumbled 5.4%.

In corporate news, semiconductor stocks were falling amid reports of tighter US restrictions on trade with China. Separately, ASML's ( ASML ) Q2 earnings and sales fell year over year and the company issued a downbeat Q3 sales outlook. ASML ( ASML ) shares tumbled almost 12%, Nvidia ( NVDA ) fell 6%, AMD (AMD), Qualcomm ( QCOM ) and Arm (ARM) shed roughly 8% each.