01:57 PM EST, 02/20/2025 (MT Newswires) -- Tech stocks were lower Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) shedding 0.7% and the SPDR S&P Semiconductor ETF (XSD) down 0.6%.

The Philadelphia Semiconductor index declined 0.5%.

In corporate news, EPAM Systems ( EPAM ) shares fell nearly 15% after it posted Q1 and 2025 non-GAAP EPS guidance that trailed FactSet analyst estimates.

Palantir (PLTR) shares dropped 8% after news outlets reported Wednesday that Defense Secretary Pete Hegseth has ordered Pentagon officials to draw up plans to reduce the defense budget by 8% per year over the next five years.

Unity Software ( U ) shares surged 26% after it reported a Q4 net loss of $0.30 per diluted share, narrower than the loss of $0.66 a year earlier. Analysts polled by FactSet expected a loss of $0.38.