02:00 PM EDT, 05/23/2025 (MT Newswires) -- Tech stocks were in the red Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.8% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.4%.

The Philadelphia Semiconductor index fell 1.3%.

In corporate news, President Donald Trump threatened to impose a tariff of at least 25% on Apple ( AAPL ) if the company doesn't start producing iPhones in the US. Apple ( AAPL ) shares were falling 2.7%.

Workday (WDAY) reported better-than-expected fiscal Q1 results and issued a subscription revenue outlook for the ongoing three-month period that matched Wall Street's estimates. Its shares were still down nearly 12%.

Intuit (INTU) shares rose past 8% after the company's fiscal Q3 results topped analysts' estimates.