01:58 PM EDT, 04/04/2025 (MT Newswires) -- Tech stocks were plunging Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) slumping 5.2% and the SPDR S&P Semiconductor ETF (XSD) tumbling 6.8%.

The Philadelphia Semiconductor index fell 6.8%.

In sector news, technology companies may be heading into "dark days" as President Donald Trump's new tariffs could reduce earnings by at least 15%, making trade negotiations a pressing priority, Wedbush Securities said in a note Friday.

In corporate news, Apple ( AAPL ) and Tesla (TSLA) dropped 5.8% and 8.8%, respectively, following new tariffs on US goods announced by China. The companies earn a large part of their revenue in China, according to a Reuters report.

Alphabet's (GOOG) Google ( GOOG ) and Amazon ( AMZN ) are seeking to weaken Microsoft's ( MSFT ) domination of government software contracts, Bloomberg reported. Alphabet shares fell 1.7%, Amazon ( AMZN ) was down 1.8% and Microsoft ( MSFT ) shed 2.1%.

Meta (META) canceled its content moderation contract with Telus ( TU ) in Barcelona, Spain, and the Vancouver-based telecom company may cut as many as 2,000 jobs, Reuters reported. Meta shares were down 3.4% and Telus ( TU ) was up 0.1%.