01:09 PM EDT, 08/15/2025 (MT Newswires) -- Tech stocks declined Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.8% and the SPDR S&P Semiconductor ETF (XSD) falling 1.7%.

The Philadelphia Semiconductor index dropped 2.3%.

In sector news, President Donald Trump said Friday he will set tariffs on semiconductors in the next two weeks, and they could be as high as 300%, according to Bloomberg.

In corporate news, Applied Materials ( AMAT ) late Thursday reported stronger-than-expected fiscal Q3 results, though its outlook for the current three-month period trailed Wall Street's estimates. Its shares dropped nearly 14%.