03:36 PM EDT, 08/01/2024 (MT Newswires) -- Tech stocks tumbled late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) dropping 4% and the SPDR S&P Semiconductor ETF (XSD) falling 6.6%.

The Philadelphia Semiconductor index plunged 7.1%.

In corporate news, Arm (ARM) shares slumped 17%, a day after the company posted fiscal Q2 adjusted EPS guidance that trailed the market consensus.