03:40 PM EST, 01/30/2026 (MT Newswires) -- Tech stocks declined late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.8%.

The Philadelphia Semiconductor Index slumped 4.1%.

In corporate news, Western Digital's ( WDC ) strengthening demand backdrop and durable pricing tailwinds remain underappreciated by investors, with the resulting margin and earnings leverage still not fully reflected in the stock, Morgan Stanley said Friday in a report. Western Digital ( WDC ) shares fell past 14%, even after several analysts raised their price targets on the company following fiscal Q2 results that topped estimates.