02:02 PM EDT, 08/28/2024 (MT Newswires) -- Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.8% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.6%.

The Philadelphia Semiconductor index slumped 2.3%.

In corporate news, Nvidia ( NVDA ), a significant contributor to the S&P 500 and the Nasdaq gains since October, is slated to report quarterly earnings after the markets close. Nvidia ( NVDA ) shares were shedding about 3%.

Super Micro Computer ( SMCI ) shares plunged 23%. The company said Wednesday it doesn't expect to file its annual Form 10-K report on time for the fiscal year ended June 30.

SentinelOne ( S ) unexpectedly swung to fiscal Q2 earnings year-over-year as the cybersecurity company's revenue rose above Wall Street's estimates. Its shares were down 2.4%.