04:02 PM EDT, 09/18/2024 (MT Newswires) -- Tech stocks were lower late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.8% and the SPDR S&P Semiconductor ETF (XSD) easing 0.2%.

The Philadelphia Semiconductor Index was shedding 1%.

In corporate news, Microsoft ( MSFT ) will not face any scrutiny in the EU for its acquisition of certain Inflection AI assets after seven member states withdrew their initial referral requests, the European Commission said Wednesday. Microsoft ( MSFT ) shares were decreasing 0.9%.

Intuitive Machines ( LUNR ) shares jumped 38% after the company said late Tuesday that it was awarded a communication and navigation services contract from the National Aeronautics and Space Administration. The contract, with a base period of five years and an additional five-year option period, has a maximum potential value of $4.82 billion.

Alphabet (GOOG) unit Google ( GOOG ) has won its appeal against a 1.49 billion euro ($1.66 billion) fine imposed by the European Commission about five years ago for alleged abusive practices in online advertising. Alphabet shares were adding 0.3%.

Qualcomm's ( QCOM ) fine over predatory pricing and abuse of its dominant position in the market has been largely upheld by the General Court, the Court of Justice of the EU said Wednesday. Qualcomm ( QCOM ) shares were shedding 0.2%.