01:49 PM EDT, 10/30/2024 (MT Newswires) -- Tech stocks were lower Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.1% and the SPDR S&P Semiconductor ETF (XSD) slumping 3.2%.

The Philadelphia Semiconductor index dropped 2.9%.

In corporate news, Alphabet (GOOG) shares popped 4% after it reported overnight a year-over-year jump in Q3 earnings and revenue.

Super Micro Computer ( SMCI ) shares sank 34% after Ernst & Young resigned as its registered public accounting firm.

Advanced Micro Devices ( AMD ) shares tumbled past 9% after the chipmaker issued a downbeat Q4 revenue outlook at the midpoint despite reporting higher Q3 results on a year-over-year basis.