02:01 PM EDT, 03/28/2025 (MT Newswires) -- Tech stocks were in the red Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.7% and the SPDR S&P Semiconductor ETF (XSD) slumping 5.2%.

The Philadelphia Semiconductor index dropped 3.4%.

In corporate news, Oracle's (ORCL) contract with the US Department of Defense, supported by Leidos ( LDOS ) , will be terminated as part of the Trump administration's cost-cutting efforts, Bloomberg reported. Oracle shares fell 4.5%, and Leidos ( LDOS ) was down 0.7%.

Alphabet's (GOOG) Google ( GOOG ) has agreed to pay $100 million in cash to settle a US class action lawsuit that accused it of overcharging advertisers, Reuters reported. Alphabet shares were falling 4.4%.

Nvidia ( NVDA )-backed (NVDA) CoreWeave said it priced an initial public offering of 37.5 million class A shares at $40 each. Nvidia ( NVDA ) shares were shedding 1.7%.