01:43 PM EDT, 04/17/2024 (MT Newswires) -- Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 1% and the SPDR S&P Semiconductor ETF (XSD) falling 1.4%.

The Philadelphia Semiconductor index dropped 2.6%.

In corporate news, ASML ( ASML ) shares sank 7% after the company reported lower Q1 earnings and sales. Earnings fell to 3.11 euros ($3.30) per diluted share from 4.95 euros a year earlier. Analysts polled by Capital IQ expected 2.76 euros. Net sales fell to 5.29 billion euros from 6.75 billion euros a year earlier. Analysts expected 5.4 billion euros.

EU regulators do not plan to conduct a formal probe of Microsoft's ( MSFT ) $13 billion investment in OpenAI, Bloomberg reported Wednesday. Microsoft ( MSFT ) shares were shedding 0.4%.

PowerSchool ( PWSC ) tumbled 8.5% as short seller Spruce Point Capital Management issued an investment opinion saying the company's shares face a long-term downside risk of 30% to 60%, or $8 to $14 per share.