01:37 PM EDT, 03/28/2025 (MT Newswires) -- Tech stocks were in the red Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.7% and the SPDR S&P Semiconductor ETF (XSD) slumping 5.2%.

The Philadelphia Semiconductor index dropped 3.4%.

In corporate news, Oracle's (ORCL) contract with the US Department of Defense, supported by Leidos ( LDOS ) , will be terminated as part of the Trump administration's cost-cutting efforts, Bloomberg reported, citing a memo from Defense Secretary Pete Hegseth. Oracle shares fell 4.5% and Leidos ( LDOS ) was down 1%.