01:49 PM EDT, 03/21/2025 (MT Newswires) -- Tech stocks fell Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) both down about 0.4% each.

The Philadelphia Semiconductor index fell 1.2%.

In sector news, the US Federal Communications Commission is probing multiple Chinese telecom companies, including Huawei and China Telecom, for allegedly avoiding restrictions on operations in the US, the Financial Times reported, citing FCC chair Brendan Carr.

In corporate news, Oracle (ORCL) and US investors in TikTok parent ByteDance are working on a deal to assure President Donald Trump that the app operates independently of Chinese control, the Financial Times reported. Oracle shares rose 0.3%.

Boeing ( BA ) has won a multibillion-dollar contract to design and build a fighter jet for the US Air Force, beating Lockheed Martin (LMT), according to media reports Friday. Lockheed shares fell past 6%, while Boeing ( BA ) gained 5.7%.

Universal Electronics ( UEIC ) shares shed 2.3% after the company said Chief Executive Paul Arling will retire on April 30.