01:34 PM EDT, 07/24/2024 (MT Newswires) -- Tech stocks were falling Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 3.1% and the SPDR S&P Semiconductor ETF (XSD) declining 2.8%.

The Philadelphia Semiconductor index slumped 3.8%.

In corporate news, Alphabet (GOOG) reported better-than-expected Q2 results, but its YouTube ( GOOG ) advertising revenue fell short of market expectations. Alphabet shares were shedding 4.7%.