01:58 PM EDT, 05/31/2024 (MT Newswires) -- Tech stocks were in the red Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.4% and the SPDR S&P Semiconductor ETF (XSD) down 1.2%.

The Philadelphia Semiconductor index slumped 2.6%.

In corporate news, Zscaler ( ZS ) shares jumped over 7% after the company overnight reported a stronger-the-expected surge in fiscal Q3 earnings and sales while raising its full-year outlook.

MongoDB (MDB) shares plunged 25% after the company overnight cut its guidance for the full financial year.

Dell (DELL) shares tumbled 19% after the company reported a steeper-than-anticipated decline in fiscal Q1 earnings.