03:54 PM EDT, 03/28/2025 (MT Newswires) -- Tech stocks were in the red late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.5% and the SPDR S&P Semiconductor ETF (XSD) slumping 4.6%.

The Philadelphia Semiconductor index dropped 3%.

In corporate news, Intel ( INTC ) shares were down 3.6%. The company said Thursday three board members are retiring as it looks to add expertise that aligns with business objectives.

CoreWeave ( CRWV ) shares were 0.5% lower in Nasdaq debut. The company priced its initial public offering of 37.5 million class A shares at $40 apiece.

Direct Digital ( DRCT ) shares tumbled 45% after it reported overnight lower Q4 revenue from a year earlier.

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 3.8%, and Leidos ( LDOS ) was down 1%.