08:43 AM EDT, 08/02/2024 (MT Newswires) -- Technology stocks were declining premarket Friday with the Technology Select Sector SPDR Fund (XLK) down 3.1% and the SPDR S&P Semiconductor ETF (XSD) 2.8% lower recently.

Intel ( INTC ) shares were almost 25% lower after the chipmaker reported late Thursday a drop in Q2 earnings and sales and suspended its dividends starting Q4 while implementing a cost-cutting program.