03:32 PM EST, 01/16/2025 (MT Newswires) -- Tech stocks were edging down late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) each down 0.2%.

The Philadelphia Semiconductor index rose 1%.

In corporate news, Red Cat ( RCAT ) shares fell past 5% after short-seller Kerrisdale Capital said that expectations for the size of a contract to make the US Army's short-range reconnaissance drone as well as follow-on sales "bear almost no relationship to reality."