03:50 PM EDT, 07/24/2024 (MT Newswires) -- Tech stocks were sharply lower late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 4.1% and the SPDR S&P Semiconductor ETF (XSD) falling 3.9%.

The Philadelphia Semiconductor index retreated 4.8%.

In corporate news, Microsoft ( MSFT ) is unlikely to limit CrowdStrike's ( CRWD ) access to its Windows operating system after the cybersecurity firm's software update caused computers to crash, Reuters reported Wednesday. Microsoft ( MSFT ) shares were falling 3.5% and CrowdStrike ( CRWD ) was down 3.7%.

Enphase Energy ( ENPH ) shares surged almost 14% after price target raises from analysts as the company posted in-line Q3 revenue outlook.

Alphabet (GOOG) reported better-than-expected Q2 results, but its YouTube ( GOOG ) advertising revenue fell short of market expectations. Alphabet shares were dropping past 4%.

OneStream's (OS) class A shares debuted on Nasdaq Wednesday with an opening price of $26, above the initial public offering price of $20 per share. The shares were surging 35% in recent trading.