03:38 PM EDT, 08/02/2024 (MT Newswires) -- Tech stocks were sharply lower late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.9% and the SPDR S&P Semiconductor ETF (XSD) dropping 5.9%.

The Philadelphia Semiconductor index fell 5.5%.

In corporate news, Telus International (TIXT) shares plunged 35% as it reported Friday lower-than-expected adjusted earnings and a surprise drop in sales. It also lowered its full-year outlook.