01:46 PM EDT, 05/01/2024 (MT Newswires) -- Tech stocks were in the red Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.7% and the SPDR S&P Semiconductor ETF (XSD) falling 3.2%.

The Philadelphia Semiconductor index dropped 3.5%.

In corporate news, Pinterest ( PINS ) shares climbed more than 18% after the company's Q1 results topped estimates and analysts boosted their price targets.

Avnet (AVT) early Wednesday reported fiscal Q3 adjusted earnings of $1.10 per diluted share compared with $2 a year earlier. Analysts polled by Capital IQ expected $1.13. Its shares dropped 3.3%.

Nvidia ( NVDA )-backed (NVDA) cloud-computing firm CoreWeave secured $1.1 billion in new funding that valued the company at $19 billion, The Wall Street Journal reported Wednesday, citing CoreWeave Chief Executive Michael Intrator. Nvidia ( NVDA ) shares were falling 4.4%.