01:36 PM EDT, 10/31/2024 (MT Newswires) -- Tech stocks were in the red Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.9% and the SPDR S&P Semiconductor ETF (XSD) dropping 4.8%.

The Philadelphia Semiconductor index fell 4.4%.

In corporate news, Microsoft ( MSFT ) reported a year-on-year increase in fiscal Q1 earnings and revenue. The company's shares fell 5.5% as investors focused on growth in its Azure business.