01:39 PM EDT, 04/03/2025 (MT Newswires) -- Tech stocks tumbled Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) dropping 6% and the SPDR S&P Semiconductor ETF (XSD) falling past 10%.

The Philadelphia Semiconductor index slumped 8.6%.

In corporate news, Apple ( AAPL ) , Dell Technologies ( DELL ) and HP (HPQ) are among the "worst positioned in IT hardware following the "calamitous" tariffs announced by the Trump administration, Morgan Stanley said. Apple ( AAPL ) shares dropped 8.8%, Dell tumbled past 17%, and HP fell 13%.