01:51 PM EDT, 10/23/2024 (MT Newswires) -- Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) each dropping about 1.7%.

The Philadelphia Semiconductor index fell 1.9%.

In corporate news, Taiwan Semiconductor Manufacturing ( TSM ) suspended shipments to an undisclosed client after finding that a product from China's Huawei contained a chip supplied to the customer, Reuters reported. Taiwan Semiconductor shares added 0.2%.

Apple (AAPL) could see upside from its iPad products in the September quarter as iPhone unit sell-through was likely "flattish" during the period, UBS Securities said in a Tuesday note to investors. Separately, Goldman Sachs (GS) and Apple were ordered by the Consumer Financial Protection Bureau to pay over $89 million for alleged breakdowns in customer service and misrepresentations that impacted hundreds of thousands of Apple Card users. Apple shares were falling 2.8%.

Enphase Energy (ENPH) shares tumbled 15% after the company reported a year-over-year decline in Q3 adjusted earnings and revenue.