01:50 PM EDT, 07/24/2024 (MT Newswires) -- Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 3.1% and the SPDR S&P Semiconductor ETF (XSD) falling 2.8%.

The Philadelphia Semiconductor index slumped 3.8%.

In corporate news, Alphabet (GOOG) reported better-than-expected Q2 results, but its YouTube ( GOOG ) advertising revenue fell short of market expectations. Alphabet shares were dropping 4.4%.

OneStream's (OS) class A shares debuted on Nasdaq Wednesday with an opening price of $26, above the initial public offering price of $20 per share. The shares were surging 32% in recent trading.

BloomZ (BLMZ) shares were sinking nearly 34% after its Nasdaq debut Wednesday.