01:14 PM EST, 11/06/2025 (MT Newswires) -- Tech stocks were lower Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.2% and the SPDR S&P Semiconductor ETF (XSD) falling 1.7%.

The Philadelphia Semiconductor index was down 2.4%.

In corporate news, Qualcomm ( QCOM ) shares dropped 4.1% after the company reported strong Q4 results. Still, growth could slow in fiscal Q2, BofA Securities said in a note Thursday. The results were partly driven by handset demand in China thanks to product launches and holiday timing, the note said, adding that some of the strength is cyclical and potentially short-lived.