02:02 PM EDT, 08/20/2024 (MT Newswires) -- Tech stocks declined Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the SPDR S&P Semiconductor ETF (XSD) falling 1.1%.

The Philadelphia Semiconductor index dropped 1.4%.

In corporate news, Palo Alto Networks ( PANW ) shares jumped 8.7%, a day after the company reported a surprise increase in fiscal Q4 earnings as revenue topped estimates by analysts.

Mynaric ( MYNA ) shares plunged 54% after the company forecast a bigger 2024 loss and slashed the revenue outlook due to production delays and costs.

Fabrinet ( FN ) shares jumped 18% after the company reported fiscal Q4 earnings and sales rose more than expected, and a share buyback plan expanded.