02:00 PM EDT, 05/08/2024 (MT Newswires) -- Tech stocks were mixed in Wednesday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) 0.2% higher and the SPDR S&P Semiconductor ETF (XSD) down 0.2%.

The Philadelphia Semiconductor index declined 0.7%.

In corporate news, Intel ( INTC ) shares fell 2.9%. The chipmaker updated its Q2 outlook after the US Commerce Department notified the company that it's revoking with immediate effect licenses for exports of consumer-related items to a customer in China. Intel ( INTC ) now expects Q2 revenue to remain in its original range of $12.5 billion to $13.5 billion but below the midpoint.

Bain Capital is in talks to take education-software provider PowerSchool ( PWSC ) private in a deal that may value the company at $6 billion including debt, The Wall Street Journal reported. PowerSchool ( PWSC ) shares soared 18%.

Toast (TOST) shares spiked almost 12% after the company reported a Q1 loss late Tuesday of $0.15 per share, narrower than a loss of $0.16 a year earlier.