03:58 PM EDT, 08/28/2024 (MT Newswires) -- Tech stocks were lower late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.2% and the SPDR S&P Semiconductor ETF (XSD) shedding 0.9%.

The Philadelphia Semiconductor Index retreated 1.3%.

In corporate news, Apple ( AAPL ) is cutting about 100 jobs from its digital services group, Bloomberg reported Wednesday. Apple ( AAPL ) shares were easing 0.3%.

Nvidia ( NVDA ) , a significant contributor to the S&P 500 and the Nasdaq gains since October, is slated to report quarterly earnings after the markets close. Nvidia ( NVDA ) shares were down 1.5%.

Meta Platforms ( META ) is working on a new mixed reality device, internally code-named Puffin, that looks like a pair of goggles, albeit a bit chunkier, the Information reported Wednesday. Meta shares were down 0.5%.

Super Micro Computer ( SMCI ) shares plunged nearly 19%. The company said Wednesday it doesn't expect to file its annual Form 10-K report on time for the fiscal year ended June 30.