01:52 PM EDT, 03/11/2025 (MT Newswires) -- Tech stocks dropped Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 1.3% and the SPDR S&P Semiconductor ETF (XSD) slumping 3%.

The Philadelphia Semiconductor index retreated 1.9%.

In corporate news, Oracle (ORCL) shares fell 4.8%. The company's fiscal Q3 results trailed market estimates, and it issued Q4 guidance that lagged behind Wall Street forecasts.

Hesai ( HSAI ) will provide lidar sensors for smart cars that Mercedes-Benz is developing for sale in global markets, Reuters reported. Hesai ( HSAI ) shares jumped 40%.

Asana (ASAN) shares tumbled past 22% after its fiscal Q1 and fiscal 2026 revenue guidance fell short of analyst expectations and multiple analysts cut their price targets.