01:46 PM EDT, 07/23/2024 (MT Newswires) -- Tech stocks were in the red Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.3% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.8%.

The Philadelphia Semiconductor index fell 1.5%.

In corporate news, Spotify ( SPOT ) swung to a higher-than-expected Q2 profit as its premium subscription growth beat estimates. Its shares climbed nearly 11%.

NXP Semiconductors ( NXPI ) shares tumbled 9% after it issued a downbeat Q3 outlook as profit and revenue in the previous quarter fell from a year earlier.

SAP (SAP) shares jumped 6.7%, a day after the company reported higher Q2 earnings and revenue.