03:28 PM EDT, 10/30/2024 (MT Newswires) -- Tech stocks were lower late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.4% and the SPDR S&P Semiconductor ETF (XSD) slumping 3.6%.

The Philadelphia Semiconductor index dropped 3.2%.

In corporate news, Reddit ( RDDT ) shares soared 43% after the company posted late Tuesday a Q3 earnings and revenue beat.