01:13 PM EDT, 08/01/2025 (MT Newswires) -- Tech stocks were declining Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.2% and the SPDR S&P Semiconductor ETF (XSD) down 1.6%.

The Philadelphia Semiconductor index dropped 1.7%.

In corporate news, Nvidia ( NVDA ) was urged Friday by a Chinese state-controlled media outlet to present "convincing security proofs" in order to eliminate Chinese users' concerns related to alleged security risks in its chips, Reuters reported, citing a commentary published by the People's Daily. Nvidia ( NVDA ) shares were down 2%.