03:39 PM EDT, 09/27/2024 (MT Newswires) -- Tech stocks were lower late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1% and the SPDR S&P Semiconductor ETF (XSD) down 0.4%.

The Philadelphia Semiconductor index dropped 1.9%.

In corporate news, Chinese officials have been discouraging local companies from buying Nvidia's ( NVDA ) H20 chips and have instead urged them to purchase locally produced AI chips, Bloomberg reported Friday. Nvidia ( NVDA ) shares were falling 2.9%.