01:37 PM EDT, 08/22/2024 (MT Newswires) -- Tech stocks were declining Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.7% and the SPDR S&P Semiconductor ETF (XSD) dropping nearly 2%.

The Philadelphia Semiconductor index fell 2.3%.

In corporate news, Snowflake (SNOW) shares sank 13% as the company issued a downbeat fiscal Q3 product revenue outlook despite raising its full-year view for the key metric and beating Wall Street estimates for Q2.