01:48 PM EDT, 06/26/2024 (MT Newswires) -- Tech stocks were retreating Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.5% and the SPDR S&P Semiconductor ETF (XSD) slipping 0.2%.

The Philadelphia Semiconductor index was shedding 0.8%.

In corporate news, Rapid7 ( RPD ) activist investor Jana Partners intends to push the company to sell itself, The Wall Street Journal reported Wednesday. Rapid7 ( RPD ) shares jumped nearly 7%.

Grindr ( GRND ) shares rose nearly 15% after the company increased its 2024 revenue growth guidance to at least 25% from 23%.

GitLab's ( GTLB ) shares spiked 13% in recent trading, a day after the company said its board adopted amendments to its severance plan.