01:57 PM EDT, 04/10/2025 (MT Newswires) -- Tech stocks tumbled Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 5.4% and the SPDR S&P Semiconductor ETF (XSD) plunging 9.7%.

The Philadelphia Semiconductor Index slid 8.9%.

In corporate news, Microsoft ( MSFT ) is among tech companies that will likely face the impact of a potential slowdown in capital expenditures amid economic uncertainty caused by President Donald Trump's tariffs, Wedbush Securities said. Microsoft ( MSFT ) shares dropped 4%.

Apple ( AAPL ) recently flew around 600 metric tons of iPhones, estimated to be about 1.5 million units, from India to the US to avoid steep tariffs, Reuters reported. The tech giant accelerated manufacturing in India to get in front of a 125% tariff on Chinese-made devices, the report said. Apple ( AAPL ) shares fell 4.2%.

STMicroelectronics ( STM ) plans to overhaul its manufacturing network over the next three years to streamline operations and reduce costs with up to 2,800 voluntary staff departures expected globally. The shares tumbled 13%.