Tech stocks tumbled late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) falling 4.9% and the SPDR S&P Semiconductor ETF (XSD) dropping 10%.
The Philadelphia Semiconductor Index slumped 8.6%.
In corporate news, Alphabet's (GOOG) Google offered to slash what it charges the US government for its tools in a new agreement, the US General Services Administration said in a statement. Alphabet shares fell 3.3%.
Marin Software (MRIN) approved a plan of dissolution and liquidation subject to shareholder approval. The shares plunged 52%.
Apple (AAPL) recently flew 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 shares fell 3.9%.
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 shares dropped 2.1%.
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