03:35 PM EDT, 08/15/2025 (MT Newswires) -- Tech stocks retreated late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) declining 0.7% and the SPDR S&P Semiconductor ETF (XSD) falling 1.3%.

The Philadelphia Semiconductor index dropped 2.2%.

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, Globant ( GLOB ) shares fell past 15% after JPMorgan downgraded the stock to neutral from buy and adjusted its price target to $78 per share from $35 following its Q2 financial results.