03:53 PM EDT, 04/10/2024 (MT Newswires) -- Tech stocks fell late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) shedding 1.1% and the SPDR S&P Semiconductor ETF (XSD) tumbling 3.9%.

The Philadelphia Semiconductor index dropped 1.5%.

In corporate news, Nvidia ( NVDA ) shares gained 2.1% as Morgan Stanley lifted its price target for the company to $1,000 from $795, while keeping the overweight rating. The investment firm said it expects continued strengthening of Nvidia's ( NVDA ) business.

Wallbox ( WBX ) shares fell 8%. The company named Luis Boada as the chief financial officer, starting May 15.

Meta (META) shares rose 0.5% as the company introduced new chips designed for AI workloads.

Smart Global ( SGH ) shares plunged 25%, a day after the company said fiscal Q2 earnings and sales fell from a year earlier.