01:46 PM EDT, 08/07/2024 (MT Newswires) -- Tech stocks were retreating Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) marginally lower and the SPDR S&P Semiconductor ETF (XSD) falling 1%.

The Philadelphia Semiconductor index was decreasing 0.9%.

In corporate news, Fortinet ( FTNT ) shares surged nearly 28% after the company late Tuesday reported Q2 adjusted earnings and sales above market expectations and boosted its full-year 2024 guidance.