03:51 PM EST, 03/08/2024 (MT Newswires) -- Tech stocks fell late Friday afternoon with the Technology Select Sector SPDR Fund (XLK) shedding 1.3% and the SPDR S&P Semiconductor ETF (XSD) decreasing 2.8%.

The Philadelphia Semiconductor Index slumped 3.6%.

In corporate news, BigBear.ai ( BBAI ) shares plunged 32%, a day after the company reported Q4 results that missed estimates by analysts.

Marvell Technology ( MRVL ) shares slumped 11% after the company's fiscal Q1 earnings forecast trailed market estimates.

Microsoft ( MSFT ) shares fell 0.8% after the company said the Russian state-sponsored group Midnight Blizzard hacked certain source code repositories and internal systems.

Samsara (IOT) jumped 13%, a day after the company posted better-than-expected quarterly results.