03:54 PM EDT, 06/05/2025 (MT Newswires) -- Tech stocks fell late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.3% and the SPDR S&P Semiconductor ETF (XSD) dropping 2%.

The Philadelphia Semiconductor index shed 1.9%.

In corporate news, Republican lawmakers are raising concerns about the Trump administration's work with Palantir ( PLTR ) to aggregate large amounts of government data on Americans, Semafor reported. Palantir ( PLTR ) shares slumped past 6%.

Ciena (CIEN) reported higher fiscal Q2 results year over year on Thursday, but the networking systems and software company's earnings fell short of Wall Street's estimates. Its shares tumbled 13%.

MongoDB ( MDB ) shares jumped 12% after the database software maker lifted its full-year outlook and reported fiscal Q1 results that exceeded market expectations.

Planet Labs' (PL) "strong" fiscal Q1 results and a backlog of $500 million set a foundation for the company's future growth, Wedbush said in a report Thursday. Wedbush maintained an outperform rating on the company, while raising the price target to $7 from $5. Planet Labs shares surged 48%.