01:39 PM EDT, 08/20/2024 (MT Newswires) -- Tech stocks were lower Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.5% and the SPDR S&P Semiconductor ETF (XSD) falling 1.4%.

The Philadelphia Semiconductor index dropped 1.6%.

In corporate news, Palo Alto Networks ( PANW ) shares jumped 8.8% recently, a day after the company reported a surprise increase in fiscal Q4 earnings as its revenue was stronger than expected.