03:33 PM EDT, 05/30/2025 (MT Newswires) -- Tech stocks were in the red late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.2% and the SPDR S&P Semiconductor ETF (XSD) falling 2.1%.

The Philadelphia Semiconductor index dropped 1.8%.

In sector news, The Trump administration is planning to widen its restrictions on China's tech sector by implementing regulations targeting subsidiaries of companies under US sanctions, Bloomberg reported. US officials are drafting a rule that would impose US government licensing requirements on deals with firms that are majority-owned by already-sanctioned companies, the report said.

In corporate news, Alphabet (GOOGL, GOOG) has one final chance on Friday to convince a federal judge to allow the company to retain control of its Chrome search engine as closing arguments in the government's antitrust court challenge were expected to conclude in the afternoon, according to media reports. Alphabet shares were down 0.5%.