01:20 PM EDT, 06/20/2025 (MT Newswires) -- Tech stocks were lower Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.5% and the SPDR S&P Semiconductor ETF (XSD) decreasing 0.9%.

The Philadelphia Semiconductor index was shedding 1%.

In sector news, a US official has told major global chipmakers that he wanted to revoke waivers that allow them to ship US chip-making equipment to their factories in China without individual licenses, The Wall Street Journal reported Friday.

In corporate news, Reddit ( RDDT ) is considering implementing World ID, a system that verifies users on its platform are real individuals while still providing anonymity, Semafor reported. Reddit ( RDDT ) shares were down 0.8%.