03:41 PM EDT, 04/04/2025 (MT Newswires) -- Tech stocks were plunging late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) slumping 4.7% and the SPDR S&P Semiconductor ETF (XSD) tumbling 5.4%.

The Philadelphia Semiconductor index fell 5.7%.

In sector news, technology companies may be heading into "dark days" as President Donald Trump's new tariffs could reduce earnings by at least 15%, making trade negotiations a pressing priority, Wedbush Securities said in a note Friday.

In corporate news, Meta (META) is planning to release its Llama 4 AI model in April, but could postpone it further as the company refines its technological abilities, The Information reported. Meta shares were down 3.4%.