03:01 PM EDT, 06/05/2026 (MT Newswires) -- Tech stocks were lower late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 6% and the State Street SPDR S&P Semiconductor ETF (XSD) shedding 10%.

The Philadelphia Semiconductor Index declined 9%.

In corporate news, Microsoft ( MSFT )-backed (MSFT) OpenAI will comply with US President Donald Trump's new executive order that allows the government's assessment of AI models before public release, CNBC reported Friday, citing George Osborne, the company's head of countries. Shares of Microsoft ( MSFT ) fell 2.6%.