03:43 PM EDT, 10/30/2024 (MT Newswires) -- Tech stocks were in the red late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.4% and the SPDR S&P Semiconductor ETF (XSD) slumping 3.6%.

The Philadelphia Semiconductor index dropped 3.2%.

In corporate news, Reddit ( RDDT ) shares soared 43% after the company posted late Tuesday a Q3 earnings and revenue beat.

Garmin ( GRMN ) shares surged 24% after the company reported higher Q3 non-GAAP earnings and net sales while raising its fiscal 2024 guidance.

Alphabet (GOOG) shares popped 3.7% after it reported a year-over-year jump in Q3 earnings and revenue late Tuesday.

Super Micro Computer ( SMCI ) shares sank 32% after Ernst & Young resigned as its registered public accounting firm.