03:49 PM EST, 02/27/2025 (MT Newswires) -- Tech stocks were declining late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 2.6% and the SPDR S&P Semiconductor ETF (XSD) dropping 5.2%.

The Philadelphia Semiconductor Index slumped 4.7%.

In corporate news, Bloomberg reported that Autodesk ( ADSK ) plans to cut jobs as part of a broader effort to boost profitability amid pressure from activist Starboard Value and other investors. Autodesk ( ADSK ) shares were down 0.3%.

The US Federal Aviation Administration is preparing to cancel a $2.4 billion communications overhaul contract currently awarded to Verizon (VZ), The Washington Post reported late Wednesday. The project is reportedly expected to be awarded to Elon Musk's Starlink. Verizon shares were shedding 0.2%.

Nvidia ( NVDA ) shares dropped 7.6%. The company's fiscal Q4 results on Wednesday had "the smallest revenue beat in two years" and were "underwhelming for investors used to much bigger upside surprises," Deutsche Bank said in a note.

Salesforce ( CRM ) shares fell 4.3%, a day after the company reported fiscal Q4 revenue that trailed estimates by analysts.