03:40 PM EST, 02/06/2025 (MT Newswires) -- Tech stocks fell in late Thursday afternoon trading with the Technology Select Sector SPDR Fund (XLK) down 0.1% and the SPDR S&P Semiconductor ETF (XSD) slumping 3%.

The Philadelphia Semiconductor index shed 0.4%.

In sector news, US lawmakers are planning to propose legislation banning DeepSeek's chatbot app from government-owned devices, citing security concerns that it could send user data to the Chinese government, The Wall Street Journal reported.

In corporate news, FormFactor ( FORM ) shares fell 7.6%, a day after Q4 earnings and revenue missed estimates by analysts.