01:45 PM EDT, 09/06/2024 (MT Newswires) -- Tech stocks were falling Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 2.7% and the SPDR S&P Semiconductor ETF (XSD) slumping about 4%.

The Philadelphia Semiconductor index shed 4.5%.

In corporate news, Broadcom ( AVGO ) shares tumbled past 9% after the company late Thursday guided for fiscal Q4 revenue of about $14 billion, compared with the $14.04 billion forecast from analysts polled by Capital IQ.

Super Micro Computer ( SMCI ) shares retreated 6.1% after JPMorgan downgraded the stock to neutral from overweight.

Salesforce ( CRM ) shares were falling 1.5%. The company said late Thursday it agreed to buy data protection provider, Own Company, for $1.9 billion in cash.