03:32 PM EDT, 03/13/2025 (MT Newswires) -- Tech stocks were in the red late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.7% and the SPDR S&P Semiconductor ETF (XSD) shedding 0.3%.

The Philadelphia Semiconductor index was down 0.6%.

In corporate news, Adobe (ADBE) shares fell past 13%. A "clearer roadmap" is needed to dispel "apathy" surrounding the stock even after Adobe's Q1 results topped estimates, Morgan Stanley said in a note to clients.