03:30 PM EST, 02/27/2025 (MT Newswires) -- Tech stocks were declining late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 2.6% and the SPDR S&P Semiconductor ETF (XSD) dropping 5.2%.

The Philadelphia Semiconductor Index slumped 4.7%.

In corporate news, Bloomberg reported that Autodesk ( ADSK ) plans to cut jobs as part of a broader effort to boost profitability amid pressure from activist Starboard Value and other investors. Autodesk ( ADSK ) shares were down 0.4%.