01:36 PM EDT, 08/28/2024 (MT Newswires) -- Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.3% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.7%.

The Philadelphia Semiconductor index slumped 1.8%.

In corporate news, Nvidia ( NVDA ), a significant contributor to the S&P 500 and the Nasdaq gains since October, is slated to report quarterly earnings after the markets close. Nvidia ( NVDA ) shares were shedding 2% in recent trading.