09:07 AM EDT, 08/02/2024 (MT Newswires) -- Technology stocks were declining premarket Friday, with the Technology Select Sector SPDR Fund ( XLK ) down 2.7% and the SPDR S&P Semiconductor ETF ( XSD ) 3.9% lower recently.

Intel ( INTC ) shares sank more than 24% after it reported a drop in Q2 earnings and sales and suspended its dividends starting Q4 while undertaking a cost-cutting program.

Twilio ( TWLO ) shares were up more than 3% after it reported higher Q2 non-GAAP earnings and revenue.

Universal Display ( OLED ) shares declined more than 4% after it reported higher Q2 earnings and revenue that still missed estimates from analysts polled by Capital IQ.