01:56 PM EDT, 08/22/2024 (MT Newswires) -- Tech stocks were declining Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.9% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.1%.

The Philadelphia Semiconductor index slumped 2.4%.

In corporate news, Snowflake (SNOW) shares tumbled 13% 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.

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 4.5%.

Amazon.com's ( AMZN ) Amazon Web Services said late Wednesday it plans to invest about $6.2 billion in Malaysia through 2038 while launching the AWS Asia Pacific (Malaysia) Region. Amazon ( AMZN ) shares dropped 1.8%.