01:44 PM EST, 03/08/2024 (MT Newswires) -- Tech stocks were in the red Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 1.4% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.7%.

The Philadelphia Semiconductor index slumped 3.9%.

In corporate news, Marvell Technology ( MRVL ) shares plunged past 11% after the company's fiscal Q1 earnings forecast trailed market estimates.

Microsoft ( MSFT ) shares dropped 1.1% after it said Friday that the Russian state sponsored group Midnight Blizzard has hacked certain source code repositories and internal systems of the company.

Samsara (IOT) jumped 9% after it reported that it swung to adjusted profit in fiscal Q4 from a loss a year earlier.