01:59 PM EDT, 04/18/2024 (MT Newswires) -- Tech stocks were retreating Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.9% and the SPDR S&P Semiconductor ETF (XSD) falling 1.7%.

The Philadelphia Semiconductor index slumped 1.4%.

In corporate news, Infosys ( INFY ) reported better-than-expected fiscal Q4 earnings amid flat revenue, while announcing the acquisition of German automotive services provider in-tech. Infosys ( INFY ) shares were shedding 2.9%.

Taiwan Semiconductor Manufacturing ( TSM ) reported Q1 earnings of 8.70 New Taiwan dollars ($0.27) per share, up from NT$7.98 a year earlier. Analysts polled by Capital IQ expected NT$8.33. Its shares tumbled almost 5%.

Schneider Electric and Cadence Design Systems ( CDNS ) have expressed an interest in buying Bentley Systems ( BSY ) , Reuters reported. Bentley shares jumped 6.2% and Cadence was down 2.8%.