03:55 PM EDT, 08/22/2024 (MT Newswires) -- Tech stocks were declining late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.3% and the SPDR S&P Semiconductor ETF (XSD) down 3.2%.

The Philadelphia Semiconductor Index dropped 3.5%.

In corporate news, Shutterstock ( SSTK ) shares slipped nearly 5% after the company said Chief Product and Digital Officer John Caine is leaving the firm.

Snowflake (SNOW) shares were sliding past 14% as the company issued a downbeat fiscal Q3 product revenue outlook despite raising its full-year view for the key metric and beating Wall Street estimates for Q2.

iQIYI (IQ) shares tumbled 16% after it reported a decline in Q2 adjusted earnings and sales.

Baidu's ( BIDU ) Q2 revenue trailed Wall Street's estimates while earnings fell less than expected year over year as growth in the company's artificial intelligence cloud business helped offset macroeconomic headwinds impacting online marketing revenue. Its shares fell 4.1%.