01:34 PM EDT, 07/23/2024 (MT Newswires) -- Tech stocks were in the red Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.3% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.8%.

The Philadelphia Semiconductor index fell 1.5%.

In corporate news, Spotify ( SPOT ) swung to a higher-than-expected Q2 profit as its premium subscription growth beat estimates. Its shares climbed past 11%.