01:53 PM EDT, 03/20/2024 (MT Newswires) -- Tech stocks were slipping Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.1% and the SPDR S&P Semiconductor ETF (XSD) down 0.5%.

The Philadelphia Semiconductor index shed 0.6%.

In corporate news, the US Department of Commerce is set to give $8.5 billion in direct funding to Intel ( INTC ) under the CHIPS and Science Act. Intel ( INTC ) shares were falling 1.4%.

JinkoSolar ( JKS ) shares dropped nearly 9% after the company reported Q4 earnings Wednesday of 0.54 renminbi ($0.08) per diluted American depositary share, down from 5.01 renminbi a year earlier.

Mobileye (MBLY) shares rose past 4% after the company said it signed a cooperation agreement with Volkswagen ADMT to develop a self-driving system for Volkswagen's ID.Buzz electric vehicle.