01:36 PM EDT, 08/01/2024 (MT Newswires) -- Tech stocks tumbled Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) dropping 3.8% and the SPDR S&P Semiconductor ETF (XSD) slumping 6.2%.

The Philadelphia Semiconductor index plunged 6.9%.

In corporate news, Qualcomm ( QCOM ) shares fell 9.3%. The company reported better-than-expected fiscal Q3 results amid strong automotive sales growth but warned of a revenue hit from the US government's decision to revoke its license to export products to China's Huawei.