01:47 PM EDT, 07/11/2024 (MT Newswires) -- Tech stocks were falling Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 2.3% and the SPDR S&P Semiconductor ETF (XSD) shedding 0.9%.

The Philadelphia Semiconductor index slumped 3.1%.

In corporate news, Amazon.com's ( AMZN ) Amazon Web Services and Workday (WDAY) are expanding a partnership to build generative artificial intelligence capabilities and invest in go-to-market initiatives to accelerate cloud transformation. Workday shares spiked 1.5%, while Amazon ( AMZN ) fell 3.5%.

Apple ( AAPL ) filed a lawsuit on Wednesday to contest the Florida Department of Revenue's assessment for additional corporate income taxes from the company totaling $14.8 million. Apple ( AAPL ) shares were falling 2.5%.

Spotify ( SPOT ) will likely report higher revenue and an improved margin year over year as price increases for bundled US subscriptions and recent efficiency efforts continue to play out, UBS said in a note Thursday. UBS raised the company's price target to $400 from $375 with a buy rating. Spotify ( SPOT ) shares shed 1.4%.