01:38 PM EDT, 03/27/2025 (MT Newswires) -- Tech stocks were in the red Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) shedding 0.9% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.5%.

The Philadelphia Semiconductor index fell 2.4%.

In corporate news, Kyndryl ( KD ) shares fell past 8% after short-seller Gotham City Research alleged that the company manipulates adjusted earnings before interest, taxes, depreciation and amortization and adjusted free cash flow. A Kyndryl ( KD ) spokesperson told MT Newswires that the company's accounting and disclosures are correct and accurate.