02:10 PM EDT, 08/07/2024 (MT Newswires) -- Tech stocks were retreating Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) 0.5% lower and the SPDR S&P Semiconductor ETF (XSD) falling 1.5%.

The Philadelphia Semiconductor index was decreasing 1.8%.

In corporate news, Fortinet ( FTNT ) shares surged 26% after the company late Tuesday reported Q2 adjusted earnings and sales above market expectations and boosted its full-year 2024 guidance.

Super Micro Computer ( SMCI ) shares tumbled 18% after the company late Tuesday reported fiscal Q4 adjusted earnings that trailed analysts' estimates.

Payoneer Global ( PAYO ) shares jumped 22% after it posted Q2 results Wednesday that topped market expectations and raised its revenue outlook for 2024.