01:50 PM EDT, 10/31/2024 (MT Newswires) -- Tech stocks slumped Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 3% and the SPDR S&P Semiconductor ETF (XSD) plunging 4.8%.

The Philadelphia Semiconductor index tumbled 4.4%.

In corporate news, Microsoft ( MSFT ) shares fell 5.5% as investors focused on growth in the company's Azure business after fiscal Q1 earnings and revenue rose.

Meta (META) shares dropped 4.6% as the company continues to expect a significant rise in spending next year and lifted the lower end of its capital expenditures guidance for 2024, while Q3 results topped market estimates.

Alphabet's (GOOG) Waymo was valued at over $45 billion after its latest financing round, Bloomberg reported. Alphabet shares dropped 1.5%.