03:32 PM EST, 01/08/2025 (MT Newswires) -- Tech stocks fell late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) easing 0.1% and the SPDR S&P Semiconductor ETF (XSD) dropping 2%.

The Philadelphia Semiconductor index declined 1.2%.

In sector news, a tech group representing companies such as Amazon (AMZN), Microsoft (MSFT) and Meta (META) called on the Biden administration to avoid implementing a rule that would curtail international access to AI chips, Reuters reported Tuesday, citing the group's letter to US Commerce Secretary Gina Raimondo.

In corporate news, Oracle (ORCL) shares rose 0.5%. The company said its Textura Payment Management Cloud Service processed more than $1 trillion in construction payments to subcontractors.